The Dow Jones Industrial Average ($DJI) ended the day on Wednesday with a gain of 96.88 points, or 0.78%, and closed at 12,578.95. Twenty-seven of the Dow's thirty index components posted a gain. The strongest performers were Bank of America (BAC) (+4.94%), JP Morgan (JPM) (+4.67%), and Alcoa (AA) (+2.66%). The losers were Boeing (BA) (-0.24%), Microsoft (MSFT) (-0.11%), and Verizon (VZ) (-0.03%).
The S&P 500 ($SPX) finished the session with a gain of 14.37 points, or 1.11%, and closed at 1,308.04. The top performing industry groups were the financials (+1.7%), technology (+1.6%), and consumer discretionary (+1.6%). None of the index's industry groups posted a loss. The top individual percentage performers were Linear Technology (LLTC) (+11.55%), Amphenol Corp. (APH) (+10.96%), Altera Corp. (ALTR) (+9.88%), and Texas Instruments (TXN) (+8.56%). The top decliners were Sunoco Inc. (SUN) (-12.38%), State Street Corp. (STT) (-6.55%), Apollo Group (APOL) (-6.36%).
The Nasdaq Composite ($COMPX) ended the session higher by 41.63 points, or 1.53%, on Wednesday and it closed at 2,769.71. The strongest performers in the Nasdaq-100 ($NDX) were Linear Technology (LLTC) (+11.55%), Altera Corp. (ALTR) (+9.88%), and First Solar (FSLR) (+7.48%). The weakest were Apollo Group (APOL) (-6.36%), DirecTV (DTV) (-3.03%), and Fastenal (FAST) (-2.69%).
Nasdaq Composite (Figure 3)
Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.
Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.