It was a brutal session for the Dow Jones Industrial Average (DJI), which suffered its worst loss in six months due to concerns over labor costs, a potential Argentine default, and weakness in European markets. The Dow was off more than 300 points by the close, finishing at its session low. The S&P 500 Index (SPX) wasn't spared, either; it suffered its worst daily percentage decline since early April, with each of its 10 sectors finishing lower. For the month, the DJI and SPX each lost around 1.5%.
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The Dow Jones Industrial Average (DJI - 16,563.30) sunk 317.1 points, or 1.9%, bringing it into the red on a year-to-date basis. All 30 Dow components ended lower, paced by Exxon Mobil Corporation (NYSE:XOM), which dropped 4.2% on the session. For the month, the DJI lost 1.6%.
The S&P 500 Index (SPX - 1,930.67) plummeted 39.4 points, or 2.0%, resulting in a monthly loss of 1.5%. The Nasdaq Composite (COMP - 4,369.77) suffered an even more severe drop, shedding 93.1 points, or 2.1%; for July, the COMP dipped 0.9%. However, both indexes are still more than 4% higher on the year.
The CBOE Volatility Index (VIX - 16.95) shot up 3.6 points, or 27.2%, for its highest daily close since mid-March. For the month, the VIX gained 46.5%.
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