Daily Wrap-up - The Dow Jones Industrial Average Rallies Back to Flat

The day ends with a dash back to the breakeven line. At its lows of the session, the Dow Jones Industrial Average (DJIA) was down 77 points but it closed with a loss of only 11 points. The S&P 500 (SPX) was also flat while the Nasdaq Composite (COMP) and Russell 2000 (RUT) finished with minor losses.

The Regional Bank HOLDRS (RKH), Broker/Dealer Index (XBD), and AMEX Pharmaceutical Index (DRG) led while the Amex Networking Index (NWX), Amex Biotech Index (BTK), and Amex Gold Bugs Index (HUI) lagged.

My midday post noted that this was a relatively quiet day and the pop back to flat only cemented that view. The sector graph does show a slight downside bias but only the 3 groups listed above lost more than 1%. The rest of the action was mostly muted. As I mentioned earlier, I still want to see S&P 500 and Nasdaq Composite post decisive breakouts but I don't see anything here that looks ominous. And that is where I will pick up in the morning. Have a nice evening.

Chart Courtesy of Thomson Reuters

Click here for symbol descriptions

Charts Courtesy of Thomson Reuters

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