"Price action was pretty mixed today, with most major sectors and the Dow Jones Industrial Average (DJI) finishing in the red," noted Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Housing starts were a little bit worse than expected, but we really didn't receive too many market-moving economic reports. The Fed minutes were released today and increased the downward momentum for some sectors, especially many of the precious-metals stocks."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,040.56) spent a decent chunk of the morning in positive territory, but closed the session near its intraday low, down 89.8 points, or 0.6%. Verizon Communications Inc. (NYSE:VZ) paced the six Dow advancers, rising 1.2%, while JPMorgan Chase & Co. (NYSE:JPM) surrendered 2.1% to bring up the rear.
The S&P 500 Index (SPX - 1,828.75) also lost ground on the day, shedding 12 points, or 0.7%, to complete a bearish outside day. The Nasdaq Composite (COMP - 4,237.95) moved into the red as well, snapping its eight-day winning streak with a drop of 34.8 points, or 0.8%.
The CBOE Volatility Index (VIX - 15.50) sprinted higher amid selling pressure in the broad markets, settling with a gain of 1.6 points, or 11.8%, to close north of 15 for the first time since Feb. 10. With the move, the "fear gauge" edged back above its 10-day moving average.
A Trader's Take:
"Taking a step back, many of the indexes have been up eight consecutive days, and price action has been incredibly strong the past couple of weeks," observed Bell. "Despite the dip today, we have quickly erased much of the late-January pullback that shocked so many investors."
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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