"Most stocks started the day well into the red, but slowly churned higher, leading to a pretty mixed finish," summarized Schaeffer's Senior Equity Analyst Joe Bell, CMT. "There was no major news on tap today, but the markets continue to struggle with concerns over China's economic growth, and uncertainty surrounding the Ukraine situation." The Dow Jones Industrial Average (DJI) made a brief foray into positive territory around midday, but ultimately settled lower for the third consecutive session.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,340.08) had a mere blip above the breakeven mark today, but ended the day with a loss of only 11.2 points, or 0.1%. So far this week, the index has surrendered 0.7%. Chevron Corporation (NYSE:CVX) and Cisco Systems, Inc. (NASDAQ:CSCO) each added 1% to pace the 16 Dow advancers. At the back of the pack was Pfizer Inc. (NYSE:PFE), which dropped 1.4%.
The S&P 500 Index (SPX - 1,868.20) peeked into positive territory just before the closing bell, and settled with a gain of 0.6 point, or less than 0.1%. The Nasdaq Composite (COMP - 4,323.33) outperformed its index peers, adding 16.1 points, or 0.4%, to snap its four-day losing streak.
The CBOE Volatility Index (VIX - 14.47) drifted lower, giving back 0.3 point, or 2.2%, to finish just above its 10-day moving average.
A Trader's Take:
"Gold mining stocks and basic materials showed some strength today, and led most of the other sectors," noted Bell. "Meanwhile, consumer discretionary and financial names lagged. The financial sector led for most of early March, and it seems like we might be seeing a little bit of profit taking during the past couple of days."
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
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