"We really didn't digest any major economic data today, but there were a lot of participants rushing for the exits, and it seemed like simple profit taking," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Elsewhere, there was some big news from Washington, as congressional leaders agreed on a two-year budget plan that now needs approval from the House of Representatives and Senate." Meanwhile, as renewed tapering anxieties remained intact, the Dow Jones Industrial Average (DJI) extended yesterday's losses.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,843.53) spent most of the day in negative territory, and was off 129.6 points, or 0.8%, by the closing bell. The blue-chip bellwether's five advancers were led by Visa Inc's (NYSE:V) 3.1% gain, while a 3% drop for Nike Inc (NYSE:NKE) paced the 25 decliners.
The S&P 500 Index (SPX - 1,782.22) was also parked in negative territory today, and finished 20.4 points, or 1.1%, lower. Meanwhile, the Nasdaq Composite (COMP - 4,003.81) fell 56.7 points, or 1.4%, for the session.
Elsewhere, the CBOE Volatility Index (VIX - 15.42) tagged an intraday peak of 15.43 just ahead of the close, and added 1.5 points, or 10.9%, on the day.
A Trader's Take:
"Tech stocks actually performed pretty well today, but one notable bright spot was MasterCard Inc (NYSE:MA), thanks to its slew of good news this morning," Bell continued. "The company announced a stock split, increased its quarterly dividend, and announced a repurchase plan."
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.
Recent XIV Action May Bode Well for Bulls
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