"We had another round of earnings that had mixed results, and that's exactly what we got from the market as a whole," said Schaeffer's Senior Equity Analyst Joe Bell of today's trading. But he noted that, "the technology sector outperformed," as compared to recent days. The Dow Jones Industrial Average (DJI) gave back most of the previous day's gains, closing back below 14,000.
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A slower growth trend in retail sales got the Dow Jones Industrial Average (DJI) off to a slow start, and it never really recovered, as it dropped back down below 14,000. The Dow finished at 13,982.91 after falling nearly 36 points, or about 0.3%. General Electric (NYSE:GE), which jumped 3.6% in reaction to the news it was selling its remaining stake in NBCUniversal, led the 30-member Dow's 17 advancers. McDonald's Corporation (NYSE:MCD) fell 1.2% to lead the 13 decliners.
The S&P 500 Index (SPX) pulled out a win on the day at the last minute, gaining nearly 1 point, or 0.1%, to close at 1,520.33 and pegged another new multi-year high earlier this morning. The SPX has now solidly established a foothold above 1,500, closing there for the last seven consecutive sessions. The Nasdaq Composite (COMP) climbed 10 points, or 0.3%, to finish at 3,196.88.
The CBOE Volatility Index (VIX) finished at 12.98, climbing 0.3 point or 2.7%.
A Trader's Take:
"Retail sales met expectations and December business inventories rose by 0.1% ... (but) most major indexes were slightly negative," Bell noted. "General Electric was a huge bright spot (following news of its sale of 49% of NBCUniversal)."
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