Markets added modest gains yesterday as investors were buoyed by a possible favorable outcome of the Fed policy meet and German court’s key decision if the nation can help the troubled neighbors. Despite the nature of modest gains, they were enough to lift the Dow to its highest level since 2007. However, the day lacked any major headlines or key economic data that made an impact on the benchmarks. Thus, volumes continued to be low and the lack of catalyst also justified for the moderate movements of the benchmarks.
The Dow Jones Industrial average (DJI) gained 0.5% and ended at 13,323.36. The Standard & Poor 500 (S&P 500) edged up 0.3% to finish yesterday’s trading session at 1,433.56. The tech-laden Nasdaq Composite Index moved up by a meager 0.51 point to close hardly changed at 3,104.53. The fear-gauge CBOE Volatility Index (VIX) was up 0.8% to settle at 16.41. Consolidated volumes on the New York Stock Exchange, the American Stock Exchange and Nasdaq were roughly 5.91 billion shares, sharply lower than last year’s daily average of 7.84 billion shares. Advancers outpaced the decliners on the NYSE in a ratio of 2:1.