The market ended mixed on Wednesday as the tug-of-war between the bulls and bears continued but there was action after the bell.
The Dow fell 7 points, or 0.06%, to end at 13,164. The blue-chips tested a low of 13,138 shortly after the open but rebounded to touch 13,192. The index fell just short of resistance but made a higher low which was still bullish.
The S&P 500 was up 2 points, or 0.1%, and finished at 1,405. The index made was able to hold the 1,400 level for the second-straight session after touching low of 1,401 before rebounding to reach 1,407.
The Nasdaq added 14 points, or 0.5%, to settle at 3,030. Tech opened at 3,013 which was the low but powered higher the rest of the day. The next level of resistance is at 3,050 with support at 3K holding like a rock.
The Russell 2000 jumped 7 points, or 0.9%, to close at 804. The index also opened in negative territory, at 795, but was able to reclaim the 800 shortly afterwards which the bulls held for the rest of the day. The S&P Volatility Index ($VIX, 14.63, down 0.22) dipped 1.4% and touched a low of 14.36 after peaking at 14.98 at the open.
After the close yesterday, Cisco System (CSCO, $17.35, up $0.18) did the bulls a favor by announcing sweet numbers for the quarter. Earnings estimates were all over the map but we told you, historically, they beat by a penny. Last night, they beat by two pennies. (read more…)
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