"We saw quite a bit of economic data released again this morning, with most of the jobs numbers failing to beat expectations," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Today was all about Syria, though, as President Obama gave a speech at the G-20 summit. Uncertainty remains high, and the market experienced a ton of intraday volatility, but in the end, most of the major sectors finished slightly in the green." Likewise, the Dow Jones Industrial Average (DJI) managed to ease earlier losses, and closed in positive territory for the week.
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The Dow Jones Industrial Average (DJI - 14,922.50) plunged to an intraday low of 14,789.40 early on in the session, but clawed its way into the black during the afternoon. However, a last-minute dip caused the blue-chip barometer to close 15 points, or 0.1%, lower. The Dow's 15 advancers were led by Hewlett-Packard's (NYSE:HPQ) 1.4% climb, while DuPont (NYSE:DD) paced the 14 decliners with a loss of 0.9%. General Electric (NYSE:GE) remained unchanged. For the week, the index managed a gain of 0.8% -- its first in five.
The S&P 500 Index (SPX - 1,655.17) took a similar tumble this morning, but eked out a slight advance of 0.1 point, or 0.01%. Meanwhile, the Nasdaq Composite (COMP - 3,660.01) tacked on 1.2 points, or 0.03%. On a weekly basis, the indexes added 1.4% and 2%, respectively.
The CBOE Market Volatility Index (VIX - 15.85) surged to a session high of 16.81 around 10:00 a.m. ET, and then erased most of its gains throughout the day. By the close, the "fear gauge" was 0.1 point, or 0.5%, higher, but finished the week with a 6.8% decline.
A Trader's Take:
"Although it seemed like it was going to be a big down day early on, buyers came into the market in heavy force late this morning, and helped the Dow rally more than 100 points off its session lows," Bell summarized. "The market continues to remain resilient in the face of all this uncertainty."
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