"The weakness that began yesterday continued into the open this morning, and we experienced a steady dose of selling throughout the day," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "On the heels of this morning's worse-than-expected retail sales report, many discretionary stocks took a hit." Against this backdrop, the Dow Jones Industrial Average (DJI) suffered its second straight triple-digit decline, giving up close to 110 points.
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The Dow Jones Industrial Average (DJI - 16,734.19) spent the session south of the flat line, closing with a loss of nearly 110 points, or 0.7%. Just five blue chips managed to dodge the red, led by oil concern Chevron Corporation's (NYSE:CVX) 0.7% advance. Caterpillar Inc. (NYSE:CAT) paced the declining majority, giving up 1.9%.
The S&P 500 Index (SPX - 1,930.11) also blazed a trail lower throughout the session, surrendering 13.8 points, or 0.7%, to end beneath its 10-day moving average for the first time since May 20. The Nasdaq Composite (COMP - 4,297.63) followed suit, shedding 34.3 points, or 0.8%, though its intraday losses were contained by support at its own 10-day trendline.
The CBOE Volatility Index (VIX - 12.56) jumped 1 point, or 8.3%, bringing its week-to-date gain to 17.1%. However, the "fear barometer" is still poised to end the week south of its 10-week moving average, which has been toppled on a weekly closing basis just once since mid-March.
A Trader's Take:
"The ongoing situation in Iraq continues to send oil prices and energy-related stocks higher," added Bell. "With their strength, it's no surprise to see the airline sector struggling the past few days."
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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