The Dow Jones Industrial Average (DJI) managed to find its way to a new all-time high for the fourth day in a row, but stocks got off to a generally shaky start this morning. Microsoft Corporation (NASDAQ:MSFT) outperformed once again, as traders applauded the tech giant's plan to slash 18,000 jobs -- but fresh sanctions against Russia, followed by reports of a downed Malaysia Airlines passenger jet in Ukraine, kept geopolitical concerns at the forefront. The major equity indexes deepened their losses in the final hour of trading, and the Dow ended the day on a triple-digit decline.
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The Dow Jones Industrial Average (DJI - 16,976.81) fell back below the 17,000 mark today, shedding 161.4 points, or 0.9% -- its biggest one-day drop in two months. Earlier in the session, the Dow peaked at a record best of 17,151.56. Only three Dow members closed higher, with a 1.6% post-earnings jump for UnitedHealth Group Inc. (NYSE:UNH) leading the way. Intel Corporation (NASDAQ:INTC) paced the 27 decliners, giving back 2.7%.
The S&P 500 Index (SPX - 1,958.12) swallowed a drop of 23.5 points, or 1.2%, while the Nasdaq Composite (COMP - 4,363.45) shed 62.5 points, or 1.4%. Both the SPX and COMP have now erased all of their gains for the week.
The CBOE Volatility Index (VIX - 14.54) took off in afternoon trading, ending the day on a massive leap of 3.5 points, or 32.2%. Today's jump was the biggest one-day VIX move since April 2013.
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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