"The major market indexes were under heavy pressure early in the day, as European worries once again reared their ugly head," explained Senior Equities Analyst Joe Bell. "There was a resignation from a Greek official, more aid requests, and a seemingly never-ending disagreement among European officials about what to do next." And so, the Dow Jones Industrial Average (DJI) took a triple-digit tumble. As Bell pointed out, "Uncertainty leads to fear and fear quickly leads to selling."
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 12,502.66) experienced a more than 181-point swing today -- from a session peak of 12,639.87 to a late-session bottom of 12,458.01 -- and ultimately suffered a 138.1-point, or 1.1%, loss by the time the dust settled. Twenty-nine of the 30 blue chips closed with deficits, as Bank of America (BAC) and Hewlett-Packard (HPQ) paced the underperforming issues with a 4.3% and 4.1% drop, respectively. Wal-Mart (WMT) was the lone winner, turning in a 1.3% gain.
The S&P 500 Index (SPX – 1,313.72) sawed off 21.3 points, or 1.6%, while the Nasdaq Composite (COMP – 2,836.16) sagged 56.3 points, or roughly 2% -- the worst performance of its fellow benchmarks.
The CBOE Market Volatility Index (VIX – 20.38) soared 12.5% today, and tagged a session high of 21.36. This was the highest daily close for the VIX in over a week.
Today's highlight: "Although most sectors finished in the red, the market was able to regain a little footing as the day wore on," said Bell. "Homebuilders got a bit of good news from this morning's better-than-expected new home sales numbers, though the broad market selling pressure dampened the sector's response."
Turning to today's major market stories...
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