"Well, it's a good thing the Dow Jones Industrial Average (DJI) added Nike (NYSE:NKE), because that was about the only bright spot," lamented Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "It was a bad week for big-caps, and today just added to the pain. After a huge start to September, we've definitely hit a weak patch all of a sudden. Uncertainty regarding a potential government shutdown and more Washington drama sure isn't helping much here." As a result, the Dow finished in the red for both the day and week.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,258.24) spent the entire session parked in the red, and sank to an intraday low of 15,211.81 around 10:00 a.m. ET. By the closing bell, the blue-chip barometer was down 70.1 points, or 0.5%. For the week, the index dropped 1.2% -- its first negative weekly finish in a month. Nike (NYSE:NKE) led the Dow's five advancers with an earnings-induced gain of 4.7%, while Cisco Systems (NASDAQ:CSCO) once again paced the 25 decliners with a loss of 1.9%.
Likewise, the S&P 500 Index (SPX - 1,691.75) stayed in negative territory throughout the day, touching a session low of 1,687.11 within the first hour of trading. By the close, the index shed 6.9 points, or 0.4%. Meanwhile, the Nasdaq Composite (COMP - 3,781.59) declined 5.8 points, or 0.2%. On a weekly basis, the SPX closed 1.1% lower -- snapping a three-week winning streak -- while the Nasdaq edged 0.2% higher.
Elsewhere, the CBOE Market Volatility Index (VIX - 15.46) sang a different tune, climbing higher right out of the gate. The "fear gauge" advanced 1.4 points, or 10%, on the day. Week-over-week, the VIX gained 17.8%, and closed above its 20-week moving average for the first Friday in three.
A Trader's Take:
"Next week could be full of fireworks," Detrick noted. "If the government shuts down, it isn't the end of the world, as it has happened before. One thing to remember is that government data could be put on hold or won't be as accurate. Given the fact that everyone is so focused on data, with the Fed closely scrutinizing all the numbers, things could get very interesting, as uncertainty crops up everywhere."
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.
9 Levels to Watch for Apple Inc.
Featured Partners: AOL DailyFinance
© 2013 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.