"The volatility that has accompanied February continued today," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, about today's market that saw the Dow Jones Industrial Average (DJA) close down about 0.3%. "Although there wasn't any major headline news, the weakness in Europe is starting to creep into our markets here."
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Perhaps starting to take cover in advance of the aforementioned storm (and getting off to a slow start due to concerning news out of Europe), the Dow Jones Industrial Average (DJI) fell back, finishing at 13,944.05 after falling more than 42 points, or 0.3%. Only six companies advanced on the 30-member Dow, led by American Express Company (NYSE:AXP), which jumped 2.6%. Procter & Gamble (NYSE:PG) was unchanged. Caterpillar Inc. (NYSE:CAT) had the biggest fall out of the 23 decliners, dropping 1.6%.
The S&P 500 Index (SPX) also fell, dropping nearly 3 points, or 0.2%, to close at 1,509.39. The index did close above the 1,500 mark for the third straight day and the eighth in 10 sessions. The Nasdaq Composite (COMP) shed 3 points, or 0.1%, to finish at 3,165.13.
The CBOE Volatility Index (VIX) edged higher on the uncertainty, closing at 13.50, up less than less than 0.1 point, or 0.7%.
A Trader's Take:
"Things were ugly early, but you have to be impressed with the market's continued resiliency here," Detrick continued. "Nonetheless, with a huge blizzard coming this weekend, expect Friday to be a rather light volume day."
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.
The Case for Big Moves in IWM and QQQ
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