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Ukraine Worries Weigh On Dow Jones Industrial Average

Russia's invasion of Ukraine overshadowed solid domestic data

by 8/28/2014 4:23:24 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (DJI) retreated from its perch atop 17,100 -- and the S&P 500 Index (SPX) surrendered its short-term footing atop 2,000 -- as investors grew nervous over the latest developments between Russia and Ukraine. In fact, this international conflict outweighed better-than-expected gross domestic product (GDP) and jobless claims data. Amid these worries, the CBOE Volatility Index (VIX) finally snapped its streak of sub-12 finishes, after spending more than a week below the critical mark.

Continue reading for more on today's market, including:

Trading Topic of the Week -- Tips to Trade Like the Pros: Develop a healthy sense of skepticism. There's no need to be a knee-jerk cynic, but it certainly pays to be wary of "hot tips" and "sure things" -- no matter where they come from.

The Dow Jones Industrial Average (DJI - 17,079.57) gave up 42.4 points, or 0.3%, to finish below the 17,100 level for the first time in the last three days. Eighteen of the Dow's 30 components ended in the red, paced by Visa Inc's (NYSE:V) 1.2% loss. The other 12 closed in the green, led by The Home Depot, Inc.'s (NYSE:HD) 0.7% gain.

The S&P 500 Index (SPX - 1,996.74) pulled back from yesterday's record close -- and finished below the double-millennium mark for the first time since Monday -- with a loss of 3.4 points, or 0.2%. The Nasdaq Composite (COMP - 4,557.69) finished down 11.9 points, or 0.3%.

The CBOE Volatility Index (VIX - 12.05) posted a 0.3 point, or 2.3%, gain, amid the aforementioned turmoil overseas. In so doing, the market's "fear gauge" closed above 12 for the first time since Aug. 19.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. Russian forces have invaded Ukraine to assist separatists, Ukrainian President Petro Poroshenko said during a meeting in Kiev -- an assertion that NATO has corroborated via satellite imaging. Despite classifying the situation as "extremely difficult" and complex, Poroshenko affirmed "it is controlled enough for us to refrain from panic." (The New York Times)
  2. The U.S. economy expanded more quickly than originally believed last quarter, as the Commerce Department's latest GDP reading revealed an annualized growth rate of 4.2% -- besting economists' consensus projection. Meanwhile, jobless claims unexpectedly slipped by 1,000 to a seasonally adjusted 298,000 in the week ended Aug. 23. (CNBC)
  3. TWTR's news-induced rally prompted bullish betting among short-term traders.
  4. Call buyers took notice of Chico's FAS, Inc. (NYSE:CHS), a day after shares of the retailer plunged.
  5. This pharmaceutical name is doing its best to help contain the Ebola outbreak in West Africa, by fast-tracking production of an experimental vaccine.
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

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