"It was a fairly quiet day for the market, as most major indexes finished near breakeven," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "This was not a huge surprise after the strong momentum that we've experienced during the past few market sessions." The primary benchmarks were lower at the close, with the Dow Jones Industrial Average (DJI) in the red by a modest margin, while the S&P 500 Index (SPX) managed to pull out another new all-time high before resolving to the downside.
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The Dow Jones Industrial Average (DJI - 16,633.18) was in the red for the entirety of Wednesday's session, trading in a 55-point range and closing down 42.3 points, or 0.3%. The blue-chip index did approach breakeven in the final hour of trading, before selling pressure emerged. One-third of the Dow's components closed higher on the day, led by INTC and JPMorgan Chase & Co. (NYSE:JPM), which each added 0.6%. Pfizer Inc. (NYSE:PFE) was unchanged on the day, and MCD brought up the rear with a 1% drop.
The S&P 500 Index (SPX - 1,909.78) finished 2.1 points, or 0.1%, lower, but not before tagging another new intraday high of 1,914.46. The Nasdaq Composite (COMP - 4,225.07) slipped 12 points, or 0.3%, by the close.
The CBOE Volatility Index (VIX - 11.68) moved higher once again, closing up 0.2 point, or 1.5%.
A Trader's Take:
"Today's big winner was definitely bonds," added Bell. "Despite the recent market strength, bonds once again jumped and are trading at their highest level since last June. It continues to show that investors are looking to reduce risk, relative to what we saw in 2013."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
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