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Dow Jones Industrial Average Pares Triple-Digit Drop

Gold snapped its six-session winning streak

by 6/26/2014 4:22:41 PM
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The bearish stars aligned today, as traders digested a smaller-than-expected rise in consumer spending, as well as a slimmer-than-anticipated drop in weekly jobless claims. In addition, St. Louis Fed President James Bullard made a cameo on Fox Business, hinting of a rate hike on the horizon sooner than projected. Amid relatively light volume, the Dow Jones Industrial Average (DJIA) was down triple digits at its intraday low, but traders emerged from the sidelines in the final hours of the session (which just happened to coincide with the final whistle of a certain "football match"), helping the blue-chip barometer pare its loss to 21 points.

Continue reading for more on today's market, including:

Trading Topic of the Week -- 5 Tips to Trade Like the Pros: Develop a healthy sense of skepticism. There's no need to be a knee-jerk cynic, but it certainly pays to be wary of "hot tips" and "sure things" -- no matter where they come from.

The Dow Jones Industrial Average (DJI - 16,846.13) was down more than 100 points at its intraday low, but a late-session rebound trimmed the index's loss to 21.4 points, or 0.1%. Seven of the Dow's 30 components ended higher, led by The Boeing Company's (NYSE:BA) 0.8% gain. AT&T Inc. (NYSE:T) finished flat, while Wal-Mart Stores, Inc. (NYSE:WMT) and The Procter & Gamble Company (NYSE:PG) paced the decliners, giving up 0.9% apiece.

The S&P 500 Index (SPX - 1,957.22) trekked a similar path, paring its loss to just 2.3 points, or 0.1%, by the close. The Nasdaq Composite (COMP - 4,379.05) once again fared the best of its peers, settling with a fractional loss.

The CBOE Volatility Index (VIX - 11.63) spent time on both sides of breakeven, but ultimately resolved to the upside, adding 0.4%.



5 Items on Our Radar Today:

  1. Unemployment and inflation are "basically going to be near normal" later this year, opined St. Louis Fed President James Bullard on Fox Business Network. "I don't think markets, and I'm sure not policymakers, have really digested that's where we are," he said, reiterating expectations for an interest rate hike by the end of the first quarter. (CNBC)
  2. U.S. consumer spending rose 0.2% in May, but fell for a second straight month when adjusted for inflation, prompting a slew of economists to downwardly revise their second-quarter growth estimates. Meanwhile, first-time jobless claims fell by less than expected last week, but remain near a post-recession low. (Reuters; MarketWatch)
  3. Portable camera concern GoPro Inc (NASDAQ:GPRO) enjoyed a warm welcome on Wall Street, advancing more than 30% in its trading debut. (USA Today)
  4. Speaking of IPOs, Yahoo! Inc. (NASDAQ:YHOO) garnered plenty of attention, after Alibaba Group announced plans to list on the Big Board.
  5. Children's apparel retailer Zulily Inc (NASDAQ:ZU) extended its ascent, thanks to a bullish brokerage note.

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

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