U.S. stocks pulled back from record highs today, as buyers headed for the sidelines before the calendar heats up. Wall Street is holding its collective breath ahead of Alcoa Inc's (NYSE:AA) unofficial start to second-quarter earnings season tomorrow night, as well as the Federal Open Market Committee (FOMC) meeting minutes, slated for release on Wednesday. Against this backdrop, the Dow Jones Industrial Average (DJI) finished in the red, but maintained its footing atop the round-number 17,000 level.
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The Dow Jones Industrial Average (DJI - 17,024.21) made a brief foray south of the 17,000 level in intraday trading, but found its way back atop the millennial marker by the close. The blue-chip barometer settled with a loss of 44.1 points, or 0.3%, as 19 of its 30 components ended lower. UnitedHealth Group Inc. (NYSE:UNH) led the declining majority, down 1.4%, while Johnson & Johnson (NYSE:JNJ) paced the 11 advancers with a 1% gain.
The S&P 500 Index (SPX - 1,977.65) also retreated from record highs, giving up 7.8 points, or 0.4%. The Nasdaq Composite (COMP - 4,451.53) suffered the worst daily drop, surrendering 34.4 points, or 0.8%.
On the flip side, the CBOE Volatility Index (VIX - 11.33) bounced back from multi-year lows, advancing 1 point, or 9.8%.
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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