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Market Recap: DJIA Plummets, VIX Spikes on Concerns About Italy, Contagion

The blue-chip barometer shed 389 points, as not one of its 30 components eked out a win

by 11/9/2011 4:29:38 PM
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Crude futures snapped their five-session winning streak today, as escalating concerns about Europe's fiscal fate weighed on hopes for global energy demand. However, a bullish inventories report helped to ease the blow. Specifically, the Energy Information Administration (EIA) said domestic oil stockpiles fell by 1.4 million barrels last week, defying economists' expectations for a million-barrel surplus. Nevertheless, crude for December delivery finished with a loss of $1.10, or 1.1%, at $95.74 per barrel.

Gold futures also settled in the red today, ending lower for the first session in three. A rebounding greenback pressured the malleable metal downward, spooking foreign-currency holders from the dollar-denominated commodity. By the close, December-dated gold futures fell $7.60, or 0.4%, to end at $1,791.60 an ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA – 11,780.94) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX – 1,229.10) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP – 2,621.65) - support at 2,100; resistance at 2,900

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