"An upbeat consumer sentiment survey helped discretionary stocks outperform much of the broad market," said Schaeffer's Senior Equity Analyst Joe Bell. "But energy underperformed as the market failed to hold on to early gains." The Dow Jones Industrial Average (DJI) finished a down week on a slightly up note, rallying at the end of the day to finish in positive territory.
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Pulled by down European markets and buoyed slightly by some upbeat economic reports, the Dow Jones Industrial Average (DJI) struggled to keep its head above water for most of the day, but rallied at the end to finish at 13,981.76, up 8 points, or 0.1%. Sixteen companies advanced on the 30-member Dow, led by Coca-Cola (NYSE:KO), which shrugged off two days of declines to climb 1.6%. Wal-Mart (NYSE:WMT) had the biggest fall out of the 13 decliners, dropping nearly 2.2%. Cisco Systems (NASDAQ:CSCO) finished unchanged. The Dow finished the week down nearly 0.1%, its second consecutive weekly loss.
The S&P 500 Index (SPX) fell, dropping 1.6 points, or 0.1%, to close at 1,519.79. The index finished the week up 0.1%. The Nasdaq Composite (COMP) shed 6.6 points, or 0.2%, to finish at 3,192.03. For the week, the COMP fell 0.6%.
The CBOE Volatility Index (VIX) finished at 12.46, down 0.2 point, or 1.6%. The VIX finished the week down 4.3%.
A Trader's Take:
"Not a whole lot of news and the market was flat for the most part," Bell said. "Late in the day, there was a slight sell-off, but most of the losses were erased by close of business."
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