"Today was all about Syria and potential U.S. military involvement. Nearly every major sector finished deep in the red after an increase in uncertainty surrounded the market," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The S&P 500 Index (SPX) is now trading at its lowest level since early July." Similarly, the Dow Jones Industrial Average (DJI) took a major tumble, and finished with a triple-digit loss.
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The Dow Jones Industrial Average (DJI - 14,776.13) dropped right out of the gate and kept on falling (a few short-lived blips higher notwithstanding). By the close, the blue-chip bellwether shed 170.3 points, or 1.1%, suffering its lowest daily close since June 25. Coca-Cola (NYSE:KO) led the Dow's two advancers with a modest gain of 0.1%, while Bank of America (NYSE:BAC) and Microsoft (NASDAQ:MSFT) paced the 28 decliners with a drop of 2.6% each.
The S&P 500 Index (SPX - 1,630.48) followed a similar path, and finished 26.3 points, or 1.6%, lower -- its worst close since July 3. Meanwhile, the Nasdaq Composite (COMP - 3,578.52) tumbled 79.1 points, or 2.2%.
Conversely, the CBOE Market Volatility Index (VIX - 16.77) spent the entire session in the black, touching an intraday peak of 17.13 and closing at its highest point since June 28. In the end, the "fear barometer" gained 1.8 points, or 11.9%.
A Trader's Take:
"There wasn't a whole lot to be happy about today, as stocks have struggled to rebound, and treasuries continue to receive a lot of money flowing to the safety trade," remarked Bell. "As a result, many rate-sensitive stocks like telecom and utilities took leadership roles today."
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