Stocks Maintain Momentum U.S. stocks closed around highs on Tuesday as investors found little impetus to move decisively in one direction or the other. The movement was enough to push the Dow and S&P 500 up one point each to a record. The CBOE Volatility Index(VIX), widely considered the best gauge of fear in the market, rose 3 percent to trade near 13. Alibaba Group Holding lid as the Chinese e-commerce companys shopping holiday sales cleared the $9 billion mark; D.R. Horton rose after the homebuilder reported better-than-expected quarterly revenue; Groupon climbed after the online provider of daily deals provided revenue guidance for 2015 above estimates. The Dow Jones Industrial Average closed up for the fifth consecutive session at 17,614.90, a gain of 1.16 points or 0.01 percent, with JPMorgan Chase leading blue-chip decliners. The Dow rose 24 points and fell as much as 28 in intraday trade. The S&P 500 closed up 1.42 points, or 0.07 percent, to a new record of 2,039.68, with materials pacing gains and utilities hardest hit among its 10 major sectors. Of the 449 companies in the S&P 500 that have reported third-quarter results, 74.6 percent have posted earnings above estimates, while 59.3 percent beat revenue expectations, according to data compiled by Thomson Reuters. Hitting its highest level since March of 2000, the Nasdaq closed up 8.94 points, or 0.19 percent, at 4,660.56. For every ten shares falling, nine rose on the New York Stock Exchange, where 614 million shares traded in the close. Composite volume surpassed 2.9 billion. The U.S. dollar dipped against currency rivals and dollar-denominated commodities including gold and oil gained. On the New York Mercantile Exchange, gold futures for December delivery rose $3.20, or 0.3 percent, to $1,163.00 an ounce, and crude oil futures settled up 54 cents at $77.94 a barrel.
Posted on: Tue, 11 Nov 2014 22:23:25 +0000
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