"It was an incredibly slow news day," noted Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "The bulls were in control, and then late-day worries regarding Syria sparked some selling. The end of August is usually a light volume, choppy mess. Today was exactly that, and there's a good chance we'll see more days like this the rest of the week." Meanwhile, a disappointing durable goods report rubbed salt in the proverbial wounds, all of which led the Dow Jones Industrial Average (DJI) to finish firmly in the red.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 14,946.46) was able to ward off data-induced losses for a large portion of the day, but dropped abruptly to an intraday low of 14,945.24 during the last hour of trading. By the close, the blue-chip barometer was off 64.1 points, or 0.4%. Home Depot (NYSE:HD) led the four advancers with a 2.1% gain, while Procter & Gamble (NYSE:PG) paced the 26 decliners with a loss of 1.8%.
The S&P 500 Index (SPX - 1,656.78) also managed to trek higher throughout the first half of the day, before tumbling to a session low of 1,656.02 just ahead of the close. In the end, the index lost 6.7 points, or 0.4%. Meanwhile, the Nasdaq Composite (COMP - 3,657.57) edged 0.2 point, or 0.01%, lower.
Elsewhere, the CBOE Market Volatility Index (VIX - 14.99) took the opposite path by trending lower in the morning, and then spiking to an intraday high of 15.01 later in the session. On the day, the "fear gauge" gained 1 point, or 7.2%.
A Trader's Take:
"Today was more of the same, as blue chips trailed and tech stocks led," continued Detrick. "The Dow has lagged significantly recently, but the Nasdaq is close to a new 52-week high. Small-caps have also held up better on the recent dip. The big question is, who is right?"
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For a look at today's options movers and commodities activity, head to page 2.
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