The market ended mixed on Monday following last week’s push to new highs but there were pockets of strength. The bulls and bears battled to a draw but the momentum still favors higher prices. Tech and the small-cap stocks had an up day but the blue-chips and the broader market were slightly weak.
The Dow fell 14 points, or 0.1%, to end at 13,881. The blue-chips reached 13,915 on the open, another 52-week high, but dipped to 13,862 shortly afterwards. The rest of the day was spent testing the high and low for the session as the Dow stayed in a tight 50-point range.
The S&P 500 declined 3 points, or 0.2%, to settle at 1,500. The index spent more time below this level than above it on Monday but held round numbers into the close. The low came in at 1,496 while the high was 1,503. The 9-point range was tighter than Friday’s action but the bulls nearly pushed a higher high while the bears failed to hit a lower low.
The Nasdaq gained nearly 5 points, or 0.15%, to finish at 3,154. Tech held green following the opening pop and drop to 3,144 and closed back above 3,150. This was slightly bullish and Yahoo (YHOO, $20.31, down $0.06) beat estimates after the close last night.
The Russell 2000 added a little over a point to end at 906.71 and another all-time high while the S&P Volatility Index ($VIX, 13.57, up 0.68) jumped 5% and kissed 13.91 before closing off its highs. We have warned when the VIX trips 15 it could be time to start looking at put options.
Yahoo beat Wall Street’s estimates by 4 cents a share and revenue was also ahead of expectations. Guidance missed by a hair. It’s too early to say if the company is turning the corner but it does appear they are trying to right the ship. Shares were up 3% in after-hours trading and were last seen pushing $21.
As we head to press, futures look like this: Dow (-15); S&P (-3); Nasdaq 100 (-5).
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