Despite a valiant comeback effort in the final hour of trading, the major market indexes snapped their six-session winning streak today, as traders took profits in spite of encouraging domestic data. Specifically, existing home sales logged their best month-over-month gain in nearly three years in May, while the flash purchasing managers index (PMI) jumped to a four-year high in June. By the close, the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) backpedaled from record-high territory, finishing modestly south of breakeven.
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The Dow Jones Industrial Average (DJI - 16,937.26) was down more than 50 points at its intraday low, but pared its loss to 9.8 points, or 0.1%, by the close. Half of the Dow's 30 blue chips ended in the red, led by General Electric Company (NYSE:GE) and Pfizer Inc. (NYSE:PFE), which both shed 1.1%. JPMorgan Chase & Co. (NYSE:JPM) led the 14 advancing equities, tacking on 1.1%, while AT&T Inc. (NYSE:T) finished flat.
The S&P 500 Index (SPX - 1,962.61) charted a similar path; despite gaining momentum in the final hour of trading, the broad-market index ended fractionally lower. The Nasdaq Composite (COMP - 4,368.68) had better luck than its peers, rebounding from a 10-point deficit to end a hair's breadth north of breakeven.
The CBOE Volatility Index (VIX - 10.98) ended higher for the third straight session, but couldn't notch a win north of 11. By the close, the market's "fear barometer" added 0.1 point, or 1.2%.
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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