"The only news of note was the ADP jobs report, which came in a little worse than expected," said Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The saga continues with the U.S. government, as today marks the second day of the shutdown." As a result, the Dow Jones Industrial Average (DJI) tumbled into negative territory.
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The Dow Jones Industrial Average (DJI - 15,133.14) stumbled right off the bat this morning, tagging an intraday low of 15,044.71 within the first hour of the session. After remaining in the red throughout the day, the blue-chip bellwether finished 58.6 points, or 0.4%, lower. The Dow's 13 advancers were led by 1% gains for Microsoft (NASDAQ:MSFT) and JPMorgan Chase (NYSE:JPM), while United Technologies (NYSE:UTX) paced the 17 laggards with a decline of 2.2%.
The S&P 500 Index (SPX - 1,693.87) chugged along in similar fashion, sinking to a session low of 1,680.34 early in the day. By the close, the index was off 1.1 points, or 0.1%. Meanwhile, the Nasdaq Composite (COMP - 3,815.02) shed 3 points, or 0.1%, after registering yet another 13-year high in early afternoon trading.
Elsewhere, the CBOE Market Volatility Index (VIX - 16.60) spiked at the opening bell, climbing as high as 16.81 during the morning hours of trading. For the day, the "fear barometer" added 1.1 points, or 6.8%.
A Trader's Take:
"After an early rush of selling, it was very encouraging to see yesterday's low hold as support on the S&P 500," continued Bell. "With so much uncertainty out of Washington, it seems like the market is currently in the midst of a lot of choppy, sideways price action."
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