"After the incredible bounce that has occurred during the past two weeks, it made sense for the market to take a bit of a breather, " noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Earnings season is winding down, and with the exception of a few event-driven moves, we didn't see very much volatility today." The Dow Jones Industrial Average (DJI) hit its intraday high shortly after the open, and moved steadily lower for the remainder of the session, ultimately closing with a modest loss.
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The Dow Jones Industrial Average (DJI - 16,103.30) spent much of the day in positive territory, but ended with a loss of 29.9 points, or 0.2%, losing 0.3% for the week. Twelve of the Dow's 30 components ended higher on the day, led by Nike Inc (NYSE:NKE) and The Walt Disney Company (NYSE:DIS), which each gained 1.2%. Goldman Sachs Group Inc (NYSE:GS) was unchanged on the day, and Verizon Communications Inc. (NYSE:VZ) paced the declining majority, off 1.8%.
The S&P 500 Index (SPX - 1,836.25) also lost ground, slipping 3.5 points, or 0.2%, by the close. The Nasdaq Composite (COMP - 4,263.41) edged 4.1 points, or 0.1%, lower on the day. On a weekly basis, the SPX surrendered 0.1%, but the COMP added 0.5%.
The CBOE Volatility Index (VIX - 14.68) continued to falter, giving back 0.1 point, or 0.7%, bringing its weekly gain to 8.2%.
A Trader's Take:
"There weren't too many major market drivers this morning," added Bell, "but it was pretty noteworthy that the homebuilding sector outperformed after less-than-stellar housing stats. The sector has held up well in the face of a slow winter and could have a lot of upside."
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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