"There are various events and situations affecting the market right now, but the developing situation in the emerging markets and today's big Fed announcement to continue tapering were the big ones," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Many sectors finished deep in the red, as all of the gains from yesterday's rally were erased." Against this challenging backdrop, the Dow Jones Industrial Average (DJI) suffered another triple-digit loss, and widened its year-to-date deficit to more than 5%.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 15,738.79) was below breakeven the entire day, and ended not far from its intraday low, off 189.8 points, or 1.2%, by the close. By a hair, it was the index's lowest finish since Nov. 7. Four Dow stocks managed to close higher on the day, led by DuPont (NYSE:DD), which added 1.9%. Bringing up the rear among the 26 declining issues was The Boeing Company (NYSE:BA), which backpedaled 5.3% after its poorly received earnings report.
The S&P 500 Index (SPX - 1,774.20) endured similar selling pressure, settling with a decline of 18.3 points, or 1%. Meanwhile, the Nasdaq Composite (COMP - 4,051.43) relinquished 46.5 points, or 1.1%.
The CBOE Volatility Index (VIX - 17.35) spiked 1.6 points, or 9.8%, closing atop above the 17 level for the third time this year.
A Trader's Take:
"We still find the major market averages hovering around their December 2013 lows," Bell observed, "but there is definitely an increasing amount of fear about how this currency situation will develop, and just how much of an impact it will have on U.S. markets."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
Why OIH Is Finding Key Support at $52
Featured Partners: AOL DailyFinance
© 2014 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.