Stock Market Update

[BRIEFING.COM] Today's session featured a broad rally on below-average volume at the NYSE. The S&P 500 (+0.8%) and Dow Jones Industrial Average (+0.5%) extended further into record territory and the Nasdaq Composite (+0.9%) closed about 170 points below its all-time high. 

There wasn't a lot of conviction on either side of the tape in the early going. Mega caps and chipmakers were showing strength initially, which drew in buying interest in other stocks. The Invesco S&P 500 Equal Weight ETF (RSP) closed 0.7% higher. 

NVIDIA (NVDA 138.07, +3.27, +2.4%) and Apple (AAPL 231.30, +3.75, +1.7%) were among the top performers in the mega cap space, contributing to the gain in the S&P 500 information technology sector (+1.4%). The utilities sector (+1.3%) was the next best performer followed by real estate (+0.7%).

The energy sector (-0.1%) was alone in negative territory at the close, responding to falling commodity prices. WTI crude oil futures settled 2.1% lower at $73.87/bbl and natural gas futures fell $2.49/mmbtu. Oil prices were pressured by demand concerns after China's Ministry of Finance underwhelmed with a lack of details at the press briefing on economic stimulus.

The Treasury market was closed for Columbus Day and there was no US economic data of note today.