After five sessions of gains -- and more than one new all-time high -- the Dow Jones Industrial Average (DJI) succumbed to selling pressure today, ending the day with a triple-digit deficit. Elsewhere, "The S&P 500 Index (SPX) is clearly facing some pretty stiff technical resistance near the 1,900 round-number level, which is near the site of its former all-time high from April," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Couple that with the less-than-stellar economic data so far this week, and investors are looking to take some risk off the table."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,613.97) spent nearly all of the day moving further into negative territory, before closing down 101.5 points, or 0.6%. The pullback was broad-based, as 25 of the Dow's 30 components ended lower, paced by International Business Machines Corp. (NYSE:IBM), which dropped 1.8%. Leading the five advancers today was Merck & Co., Inc. (NYSE:MRK), rising 1.1%.
The S&P 500 Index (SPX - 1,888.53) retreated as well, closing with a loss of 8.9 points, or 0.5%. The Nasdaq Composite (COMP - 4,100.63) continued its pullback, shedding 29.5 points, or 0.7%, by the close.
The CBOE Volatility Index (VIX - 12.17) bounced slightly from recent losses, edging up less than 0.1 point, or 0.3%, today.
A Trader's Take:
"Whether the market is up or down, it seems like small caps continue to trail their counterparts," continued Bell. "Consumer discretionary stocks are among the biggest laggards, and yesterday's worse-than-expected retail sales number and recent earnings results aren't helping their cause."
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
Featured Partners: AOL DailyFinance
© 2015 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: email@example.com
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.