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Dow Jones Industrial Average Plunges 140 Points as Russia Mobilizes Troops

Wall Street weighed in on Michael Kors Holdings Ltd (KORS) and Coach Inc (COH) post-earnings

by 8/5/2014 4:24:25 PM
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The Dow Jones Industrial Average (DJI) spent the entire session in the red, as fear over Russia mobilizing troops along Ukraine's eastern border overshadowed a pair of upbeat economic reports. At its lowest point in the day, the blue-chip barometer was off nearly 200 points, before paring its losses to 140 points at the close -- its second triple-digit decline in the past four sessions.

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

Trading Topic of the Week -- Trading Stock Trends: Confirm that there are still some skeptics on the sidelines. A solid uptrend is certainly impressive to look at, but a pretty chart alone doesn't guarantee a profitable trade. After all, a rally looks best right at the top.

The Dow Jones Industrial Average (DJI - 16,429.47) fell to the 16,369.55 mark earlier -- its lowest level since May 20 -- before finishing the day with a 139.8 point, or 0.8%, deficit, as 27 of the Dow's 30 components finished in the red. Intel Corporation (NASDAQ:INTC) paced the decliners, giving back 3%, while The Boeing Company's (NYSE:BA) 1.1% gain led the pair of outperformers. The Home Depot, Inc. (NYSE:HD) finished flat.

The S&P 500 Index (SPX - 1,920.21) closed south of its 80-day moving average for the first time since April 14, finishing the session 18.8 points, or 1%, lower. Meanwhile, the Nasdaq Composite (COMP - 4,352.83) fared the best of the group, closing down 31.1 points, or 0.7%.

The CBOE Volatility Index (VIX - 16.87) jumped 1.8 points, or 11.6%, to reclaim its perch atop the 16 mark.



5 Items on Our Radar Today:

  1. Russia has increased its military presence along the eastern border of Ukraine, raising concerns the country may be preparing for an annexation. According to reports, Russia has nearly doubled the number of troops over the past week, with roughly 20,000 troops currently stationed along the border. (CNN)
  2. In economic news, the Institute for Supply Management (ISM) said activity in the service sector rose by its fastest pace since December 2005 last month, with its index landing at a better-than-expected 58.7. Elsewhere, the Commerce Department reported a 1.1% rise in factory orders for June, topping economists' forecast for a milder 0.6% increase. (Bloomberg, FOX Business)
  3. Rumors of a possible buyout offer for FDO from Dollar General Corp. (NYSE:DG) had option traders gambling on a potential bidding war.
  4. RetailMeNot Inc's (NASDAQ:SALE) post-earnings plunge sent the stock straight to the short-sale restricted list -- and put players flocking to the equity's options pits.
  5. Advanced Micro Devices, Inc. (NYSE:AMD) option traders rolled the dice on an end-of-week retreat.

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

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