"In what may have seemed like a relatively flat day, the market was really pretty volatile under the surface," reported Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Technology stocks got hammered relative to many sectors, with biotechnology and solar names booking huge losses. We also saw many sectors start off strong, but by the end of the day, most of the major indexes were near breakeven or in the red." For its part, the Dow Jones Industrial Average (DJI) spent most of the day in positive territory, but moved south of breakeven in the final hours of trading, logging a modest daily loss. For the week, the blue-chip index added 1.5%.
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The Dow Jones Industrial Average (DJI - 16,302.70) flirted with triple-digit gains in the first half of the session, but ultimately gave back 28.4 points, or 0.2%. Johnson & Johnson (NYSE:JNJ) paced the Dow's 14 advancers, adding 1.9%, while Nike Inc (NYSE:NKE) led the laggards with a 5.1% decline. For the week, the Dow added 1.5%.
The S&P 500 Index (SPX - 1,866.40) also spent most of the session in the black, tagging a record intraday peak of 1,883.97 out of the gate. By the close, however, the SPX settled 5.6 points, or 0.3%, lower. The tech-heavy Nasdaq Composite (COMP - 4,276.79) fared the worst of the three; after an initial tick higher, the COMP steepened its slide as the day progressed, surrendering 42.5 points, or 1%, to finish near a session low. For the week, the SPX added 1.4%, while the COMP tacked on 0.7%.
The CBOE Volatility Index (VIX - 15.00) clawed its way out of the red in afternoon action, adding 0.5 point, or 3.3%. For the week, the "fear barometer" shed 15.8%.
A Trader's Take:
"There weren't a lot of economic reports released today, but the market is still feeling the effects of the remarks made by Janet Yellen at yesterday's press conference," added Bell. "With perhaps more people fearful of higher rates, we continued to see financials outperform and homebuilding stocks underperform."
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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