"The negative momentum continued today, although small-caps actually became the leader rather than the laggard," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After a strong November jobs report, December is off to a very weak start so far. Much of this can be attributed to late-year profit taking, but the short-term trend is definitely down right now." As tapering fears continued to plague investors, the Dow Jones Industrial Average (DJI) closed in the red for a third consecutive session.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,739.43) faltered yet again today, and sank to an intraday low of 15,703.79 around midday. By the close, the blue-chip index was down 104.1 points, or 0.7%. The Dow's six advancers were led by Exxon Mobil Corporation's (NYSE:XOM) 1.2% gain, while a 2.3% drop for The Coca-Cola Company (NYSE:KO) paced the 24 decliners.
The S&P 500 Index (SPX - 1,775.50) also spent most of the session south of breakeven, and settled 6.7 points, or 0.4%, lower. Meanwhile, the Nasdaq Composite (COMP - 3,998.40) shed 5.4 points, or 0.1%, for the day.
Elsewhere, the CBOE Volatility Index (VIX - 15.54) reached an intraday high of 16.09 around 12:30 p.m. ET today, but pared some of its gains to finish just 0.1 point, or 0.8%, higher.
A Trader's Take:
"Again, the best thing about today's market was the performance of small-caps," Bell reiterated. "After lagging the rest of the market since the end of November, they all of a sudden became the front-runners. Some strength from this area could be a good sign, as small-caps led for most of the rally this year."
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
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.