"Though the day started off with a better-than-expected durable goods report, most participants still looked to unload their positions ahead of the holiday weekend," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After early selling, we once again saw a midday surge that sent indices back near breakeven by the close." In a pattern reminiscent of Thursday, the Dow Jones Industrial Average (DJI) dropped into the red at the open, only to pare its losses by the closing bell. This was a hollow victory, though, as the index suffered its first losing week since April 19.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI) recovered from a negative start, clawing its way to a gain of 8.6 points, or 0.06%, by the close. Procter & Gamble (NYSE:PG) led the 14 gainers, rising 4.0%, while Hewlett-Packard (NYSE:HPQ) paced the 15 laggards, down 2.6%. DuPont (NYSE:DD) finished flat. The Dow ended at 15,303.10, off 0.3% from last Friday's close.
The S&P 500 Index (SPX) bounced from its intraday nadir of 1,636.88, but closed with a fractional loss of 0.9 point, or 0.06%, at 1,649.60, just a hair south of the round-number 1,650 mark. The Nasdaq Composite (COMP) was off just 0.3 point, or 0.01%, to finish the week perched at 3,459.14. On a weekly basis, both the SPX and the COMP gave back roughly 1.1%.
The CBOE Market Volatility Index (VIX) ended close to breakeven as well, down less than 0.1 point, or 0.6%, at 13.99. This week, however, the VIX managed to add 12.4%.
A Trader's Take:
"Consumer staples were the one sector to really buck the trend this morning," observed Bell. "Most of the credit has to go to Procter & Gamble, as the Dow component jumped 4% after announcing the return of former CEO Alan Lafley."
3 Things to Know About Today's Market:
5 Stocks We Were Watching Today:
For a look at today's options movers and commodities activity, head to page 2.
Mid-Caps Nearing a Triple of March 2009 Lows
Featured Partners: AOL DailyFinance
© 2013 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.