"We had a little bit of economic data released this morning, but overall these reports did little to move the market one way or the other," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Most major sectors were met with early selling, but by the end of the day, some participants bought the dip once again, and we finished off the intraday lows." After dancing around the 16,000 level for much of the session, the Dow Jones Industrial Average (DJI) ended back south of this millennium mark.
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The Dow Jones Industrial Average (DJI - 15,973.13) traded below the breakeven level for nearly all of the session once again, closing down 52.4 points, or 0.3%. Seven of the 30 Dow names finished higher, led by Goldman Sachs Group Inc (NYSE:GS), which added 1.2%. Microsoft Corporation (NASDAQ:MSFT) paced the 23 decliners with its 1.5% loss.
The S&P 500 Index (SPX - 1,802.62) also fell, shedding 5.8 points, or 0.3%. Unlike the Dow, however, the SPX maintained its hold above its own round-number level -- 1,800. The Nasdaq Composite (COMP - 4,060.49) slipped 8.3 points, or 0.2%, on the day.
The CBOE Volatility Index (VIX - 13.91) hit an intraday high of 14.22 before closing up 0.4 point, or 3.1%.
A Trader's Take:
"Despite the overall broad-market weakness, there were pockets of strength today," Bell added. "It seemed like many of the momentum names and high-flyers disconnected themselves from the major indices and finished with some decent gains. Solar energy companies, basic materials, and gold miners were all among the notable outperformers."
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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