"Today was all about the economy," quipped Schaeffer's Senior Equity Analyst Joe Bell. "Meanwhile," he added, "the Federal Reserve said its asset repurchase program would continue, but that did little to stop the slight decline in the broad market." The Dow Jones Industrial Average (DJI) spent the majority of the day in the red and settled near its intraday low, with the 14,000 level still beckoning overhead.
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The Dow Jones Industrial Average (DJI) was all over the map today, but went into the red for good following this afternoon's release of the Federal Open Market Committee report and decision to keep short-term interest rates near zero. It was only the third down day in 15 sessions for the blue-chip index, which fell to 13,910.42, down 44 points, or 0.3%. Only nine members of the 30-company Dow advanced, led by The Boeing Company (NYSE:BA), which jumped 1.3% to close at $74.59 following a strong earnings result. At the bottom of the 21 decliners was General Electric Company (NYSE:GE), which dropped 1.2% to close at $22.23.
Other indices also fell, with the S&P 500 Index (SPX) dropping nearly 6 points to close at 1,501.96, down 0.4%. But the SPX stayed above the key 1,500 level for the fourth straight day and was down for only the second time in 11 sessions. And the Nasdaq Composite (COMP) fell to 3,142.31, shedding 11 points, or 0.4%.
The CBOE Volatility Index (VIX) reflected all the uncertainty, climbing 7.6% to close at 14.32 –hitting its highest point since the first two sessions of 2013.
A Trader's Take:
"Aside from the GDP and Fed news, Amazon.com (NASDAQ:AMZN) released earnings last night that were well received by the Street today," noted Bell. "While the news didn't lift the broad market, some of the tech-heavy indices showed relative strength."
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