Despite languishing trading volume and an investing public that remains nervous ahead of next week's Fed meeting, the major market averages are sitting near their intraday highs with solid gains. The Dow Jones Industrial Average (DJIA 13,425.9) is up about 135 points, having crossed over the 13,300 and 13,400 thresholds. Checking on the tech market, the Nasdaq Composite (COMP 2,604.6) has gained half a percent and is back above 2,600.
As Mark reported earlier today, the Dow was driven north by blue-chip strength. With about a half hour left in today's trading, General Motors (GM) is 9.7% higher and McDonald's (MCD) has tacked on 6.4% to reach a new annual high. Just 4 of the index's 30 components are currently in negative territory.
On the New York Stock Exchange, there are currently 2,110 stocks in positive territory and 1,151 below the breakeven mark, for an advance/decline ratio of 1.83. Over at the Nasdaq, the advance/decline ratio totals 1.3, with 1,620 rising stocks and 1,245 decliners. The NYSE has seen 68 new highs today, narrowly outpaced by 75 new lows. There have been 63 new highs at the Nasdaq so far today, along with 65 new lows.
Included on today's new-highs list are the aforementioned MCD, Procter & Gamble (PG), PepsiCo (PEP), eBay (EBAY), and Teva Pharmaceuticals (TEVA). Hitting the new-lows list today are Alcatel-Lucent (LU), Nortel Networks (NT), Level 3 Communications (LVLT), and Fifth Third Bancorp (FITB).