"Early price action was positive after news over the weekend that Spain was given up to $125 billion in credit to assist their banking system," said Schaeffer's Senior Equity Analyst Joe Bell. "After the initial pop at the open, we quickly experienced a reversal that pushed almost all sectors into the red." Indeed, it didn't take long for the skeptical mood to take hold, knocking the Dow Jones Industrial Average (DJI) down by nearly 156 points at its late-session low.
Keep reading to see what else was on our radar today:
The Dow Jones Industrial Average (DJI – 12,411.23) began the day in the black, reaching the 12,650.47 level right out of the gate. But the positivity didn't last too long as the Dow lopped off nearly 143 points, or 1.1%, to land just atop its session low of 12,398.48. All but four of the 30 components suffered defeats, as Bank of America (BAC) paced the 26 laggards with a 3.7% decline. Verizon (VZ) led the winning minority with a 0.3% rise.
The S&P 500 Index (SPX – 1,308.93) pulled back 16.7 points, or 1.3%, while the Nasdaq Composite (COMP – 2,809.73) notched the largest loss of its fellow benchmarks, falling 48.7 points, or 1.7%.
The CBOE Market Volatility Index (VIX – 23.56) turned in its first daily gain in a week today, jumping roughly 11%, and ending at its session peak.
Today's highlight: "There wasn't much to cheer about today, as it seems we experienced a 'buy the rumor, sell the news' situation with Spain," reflected Bell. "The SPX once again struggled with the 1,333 area that we talked about earlier today, as the potential 'good news' this morning did little to calm this market volatility. With Spain's rescue out of the way, many investors will now be eyeing Italy's economy and the upcoming Greek elections this Sunday.
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
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