So much for the rally to 14,000 -- the Dow Jones Industrial Average (DJI) took a major step back today, falling nearly a full percentage point after eclipsing 14,000 for the first time in five years to end last week on a major upswing. The red was all over the board, as only one company in the Dow gained on the day. Disappointing factory order numbers, down markets overseas, and perhaps a Super Bowl hangover all helped get things started off on a downward trend -- and the market never recovered. It was the first 100-point daily drop in more than a month.
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Spooked by fears in European markets and slower-than-expected growth for factory orders, the Dow Jones Industrial Average (DJI) took a fall from its giddy highs reached at the end of last week. The Dow finished at 13,880.08, losing nearly 130 points, or about 0.9%. Only The Boeing Company (NYSE:BA) advanced, gaining 0.5%. The Travelers Companies (NYSE:TRV) had the biggest fall out of the 29 decliners, losing nearly 2.4%. It was the first time since Dec. 28 of last year that the Dow dropped more than 100 points.
The S&P 500 Index (SPX) also declined, shedding more than 17 points, or 1.2%, to close at 1,495.71. The index also closed below 1,500 for only the second time in the last seven trading sessions. The Nasdaq Composite (COMP) fell nearly 48 points (1.5%) to finish at 3,131.17.
The CBOE Volatility Index (VIX) rose on all the uncertainty, shooting back above 14 to close at 14.67, up 13.7%.
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