Yesterday's better-than-expected manufacturing activity reignited tapering concerns, as investors believe stronger economic data will mean a faster move away from the central bank's accommodative stance. These worries, combined with post-holiday fatigue, drove stocks into the red once again. The Dow Jones Industrial Average (DJI) finished in negative territory for the third consecutive session, and lost its grip on the 16,000 mark, while the S&P 500 Index (SPX) breached its own round-number threshold, the 1,800 level.
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The Dow Jones Industrial Average (DJI - 15,914.62) was parked in negative territory for the entire session, and touched an intraday low of 15,859.68 during the afternoon hours of trading. By the end, the Dow was down 94.2 points, or 0.6% -- its first daily close below 16,000 since Nov. 20. Exxon Mobil Corporation (NYSE:XOM) led the Dow's nine advancers with a gain of 0.9%, while E I Du Pont De Nemours And Co (NYSE:DD) paced the 21 decliners with a loss of 2%.
The S&P 500 Index (SPX - 1,795.15) also spent the session swimming in red, and fell 5.8 points, or 0.3%, by the close, marking the first sub-1,800 close since Nov. 21. Meanwhile, the Nasdaq Composite (COMP - 4,037.20) finished 8.1 points, or 0.2%, lower.
Conversely, the CBOE Volatility Index (VIX - 14.55) gained ground right out of the gate, and advanced 0.3 point, or 2.3%, for the day, racking up its highest close since Oct. 16.
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
Recent XIV Action May Bode Well for Bulls
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