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.
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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:
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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