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Wednesday, October 17, 2012

Wall Street : Dow Rally for 2nd day on strong Earnings Data

Thanks to some upbeat news on the earnings front, the Dow Jones Industrial Average (DJIA) secured a triple-digit gain within the first hour of the session, and remained firmly planted above the 13,525 level throughout most of the day. This is the best performance since the introduction of QE3.

The Dow Jones Industrial Average (DJI – 13,551.78) tagged an intraday peak of 13,556.37 before pulling back slightly to close 127.55 points, or 0.95%, higher. Only five of the 30 Dow components ended in the red today, with UnitedHealth Group Inc.'s (NYSE:UNH) 1.1% decline leading the handful of laggards. On the other side of the fence, Intel Corporation (NASDAQ:INTC) paced the advancers with a rise of 2.9%. Meanwhile, General Electric Company (NYSE:GE) remained unchanged.

The S&P 500 Index (SPX – 1,454.92) and Nasdaq Composite (COMP – 3,101.17) both headed north early in the session and notched solid wins by the time the dust settled. The SPX tacked on 14.79 points, or 1.03%, while the COMP added 36.99 points, or 1.21%.
The CBOE Market Volatility Index (VIX – 15.21) edged 0.05 point, or 0.33%, lower today, breaching its 20-day moving average for the first time in over a week.

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