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Dow Jones Industrial Average Ekes Out a Win

Consumer confidence rose by more than expected in June

by 6/27/2014 4:22:14 PM
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The major market indexes didn't stray too far from breakeven today, as a light economic calendar provided little direction. The Thomson Reuters/University of Michigan's consumer sentiment index was the lone report of the session, but the survey's bigger-than-expected increase in June failed to sway traders one way or another. Against this backdrop, and thanks to another late-session push higher, the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) eked out modest gains by the close, but ended the week on the downside.

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The Dow Jones Industrial Average (DJI - 16,851.84) spent most of the session in the red, but an eleventh-hour push helped the blue-chip barometer eke out a gain of 5.7 points, or 0.03%. Microsoft Corporation (NASDAQ:MSFT) paced the 20 advancing Dow components, adding 1.3%, while DuPont (NYSE:DD) blazed the trail lower, surrendering 3.3% after issuing lackluster earnings guidance. For the week, the Dow dropped 0.6%.

The S&P 500 Index (SPX - 1,960.96) also muscled into the black in the final minutes of trading, gaining 3.7 points, or 0.2%, by the close. The Nasdaq Composite (COMP - 4,397.93) once again left its comrades in the dust, notching a gain of 18.9 points, or 0.4%. For the week, the SPX gave up 0.1%, while the COMP advanced 0.7%.

The CBOE Volatility Index (VIX - 11.26) dropped 0.4 point, or 3.2%, on the day, but managed a 3.8% gain for the week.



5 Items on Our Radar Today:

  1. The final Thomson Reuters/University of Michigan consumer sentiment index for June edged higher to 82.5 from 81.9 in May, topping expectations for a slimmer rise. "Consumers believe the first-quarter decline in economic activity was due to the harsh winter weather, and that the economy has already returned to positive growth," opined survey director Richard Curtin. (CNBC)
  2. The EU made history today, after the group signed a free-trade agreement with Ukraine, and warned of more sanctions for Russia, should rebels not agree to a ceasefire by Monday. "If we don't see any steps forward on any of the points, then we are prepared to take drastic measures," said German Chancellor Angela Merkel. (Reuters)
  3. Wal-Mart Stores, Inc. (NYSE:WMT) is attempting to spur smartphone upgrades, dropping the price of Apple Inc.'s (NASDAQ:AAPL) iPhones. Specifically, the retail powerhouse cut the cost of the iPhone 5s and iPhone 5c models to $99 and $29, from $149 and $49, respectively. (USA Today)
  4. Option players circled Ford Motor Company (NYSE:F) ahead of next week's sales report.
  5. Dollar General Corp (NYSE:DG) dropped on fears that an executive departure could muck up merger plans.

For a look at today's options movers and commodities activity, head to page 2.

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