"There wasn't a whole lot of major news out today for the market to digest," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT, "but last week's choppy price action continued, with small-caps and technology stocks suffering the brunt of the damage this afternoon. The ongoing Ukraine situation is still hovering over this market, and the momentum from late February has definitely slowed as March draws to a close." The Dow Jones Industrial Average (DJI) started the session in positive territory, but quickly retraced its steps, closing with a modest loss for the day.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,276.69) settled slightly lower on the day, despite starting the session in positive territory and peeking above breakeven shortly before the close. By the time the bell sounded, the blue-chip index had given back 26.1 points, or 0.2%. Leading the Dow's 13 advancers was The Procter & Gamble Company (NYSE:PG), up 1.8% today. Meanwhile, lagging its Dow peers was Pfizer Inc. (NYSE:PFE), which paced the declining 17 securities with a drop of 2.1%.
The S&P 500 Index (SPX - 1,857.44) moved modestly lower as well, dropping 9.1 points, or 0.5%, but holding north of technical support. The Nasdaq Composite (COMP - 4,226.38) was the day's underperformer, shedding 50.4 points, or 1.2%.
The CBOE Volatility Index (VIX - 15.09) headed higher from Friday's close at the 15 mark, edging up 0.1 point, or 0.6%.
A Trader's Take:
"The Dow and the S&P 500 were definitely not as hard hit today as many of the smaller-cap names," continued Bell. "The SPX still hovers just above the 1,850 area, which served as resistance in January and most recently provided a bit of support earlier this month."
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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