"After a strong run-up the past few weeks, we experienced a rare bad day for the market, and most indexes finished in the red," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Some of the selling may have been triggered by the World Bank cutting its 2014 global growth outlook to 2.8% from 3.2%." Against this backdrop, the Dow Jones Industrial Average (DJI) succumbed to selling pressure. After dipping more than 124 points at its intraday low, the blue-chip index closed with a triple-digit loss.
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The Dow Jones Industrial Average (DJI - 16,843.88) spent the session south of the flat line, closing near its 10-day moving average with a loss of 102 points, or 0.6%. Just four Dow names managed to move higher, paced by Merck & Co., Inc. (NYSE:MRK), which rose 0.6%. The Boeing Company (NYSE:BA) was at the back of the pack, losing 2.3% today.
The S&P 500 Index (SPX - 1,943.89) traded below the 1,950 level all day, and closed down 6.9 points, or 0.4%. The Nasdaq Composite (COMP - 4,331.93) also lost ground -- though not as much -- giving back 6.1 points, or 0.1%.
The CBOE Volatility Index (VIX - 11.60) zoomed higher as equities fell, retaking control of the 11 mark. The market's "fear barometer" added 0.6 point, or 5.6%.
A Trader's Take:
"Despite the overall weakness of the market, there wasn't a ton of panic selling, and it felt a little more like profit taking at this point," added Bell. "With the relative strength index (RSI) well into overbought territory on the SPX, it wasn't a huge surprise to see the pullback today."
5 Items on Our Radar 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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