"Well, the S&P 500 Index (SPX) couldn't manage eight winning days in a row, and had to settle for a seven-day streak," quipped Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "Today was a very slow and boring day, and that's not a bad thing. After the run we've had, this looks like the market simply trying to catch its breath." Against this backdrop, the Dow Jones Industrial Average (DJI) spent time on both sides of breakeven before settling with modest losses.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,300.64) lost some ground on Thursday after posting three consecutive triple-digit gains. The blue-chip index did manage to end the day a hair above the 15,300 level, down 26 points, or 0.2%. Eight of the Dow's 30 components finished higher on the day -- led by Walt Disney (NYSE:DIS), which gained 2.4% on share-buyback news. United Technologies (NYSE:UTX) was unchanged, and JPMorgan Chase (NYSE:JPM) brought up the rear, down 1.9%.
The S&P 500 Index (SPX - 1,683.42) snapped its seven-day winning streak and only spent a few moments in positive territory during the session. At the close, the index had given back 5.7 points, or 0.3%. Yesterday's laggard, the Nasdaq Composite (COMP - 3,715.97), added to its declines (despite reaching a near-13-year high in morning trading). The tech-rich index ended the day with a loss of 9 points, or 0.2%.
The CBOE Market Volatility Index (VIX - 14.29) broke higher after three days in the red, adding 0.5 point, or 3.4%, to close near its intraday high of 14.39.
A Trader's Take:
"Financials and small-caps lagged big time today," observed Detrick. "This isn't what you want to see, and is something to monitor. One or two days isn't the end of the world, but if this September surprise rally is to continue, these two influential groups need to assume some leadership."
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For a look at today's options movers and commodities activity, head to page 2.
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