Dow Jones Industrial Average Implodes On Global Financial Woes

Dow Plummets 350 Points, VIX Pops 34% as Default Fears Intensify

Jun 29, 2015 at 4:29 PM
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Things got ugly today on Wall Street, as the Dow Jones Industrial Average (DJIA) suffered its largest point drop since June 2013. Traders reacted to the latest from Greece, which reportedly will not pay back the roughly 1.6 billion euros owed to the International Monetary Fund (IMF) by Tuesday -- significantly raising the stakes for a potential default. The scene was equally dismal across the globe, as Puerto Rico warned it's also at risk of default, and China officially entered bear-market territory. Following suit with stocks, crude oil also sold off, as anxious investors rushed to ditch risky assets. 


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



The Dow Jones Industrial Average (DJIA - 17,596.35) steepened its losses throughout the day to close at its lowest point since Feb. 2, giving back nearly 2%, or 350.3 points. Not a single Dow component finished in the black. The biggest losers were DuPont (NYSE:DD) and Visa Inc (NYSE:V), which each lost close to 3%. Amid today's heavy selling, the Dow closed south of its 200-day moving average for the first time since Oct. 22, 2014.


The S&P 500 Index (SPX - 2,057.64) dropped 43.9 points, or 2.1%, to finish at its lowest point since March 26 -- and back in negative territory for 2015. The Nasdaq Composite (COMP - 4,958.47) had the worst day of all, closing 122 points, or 2.4%, lower.  In the process, the COMP ended below 5,000 for the first time in over a month.


The CBOE Volatility Index (VIX - 18.85) gapped higher today, and landed its highest close since Feb. 2, adding 4.8 points, or 34.5%. 







5 Items on Our Radar Today:


  1. Greek Prime Minister Alexis Tsipras is urging citizens to vote "no" at Sunday's referendum on the proposed bailout, saying it would give the country the upper hand in negotiations. Tsipras expressed confidence Greece would not be removed from the eurozone, with the outspoken politician saying the cost of such a move would be "immense." (BBC News
  2. In its latest round of decision making, the Supreme Court ruled against President Obama's proposed regulation to limit mercury and other toxic emissions from coal-powered plants. In its ruling, the court said the government didn't fully consider the costs of the measure. (The New York Times
  3. Schaeffer's contributor Adam Warner explained how Greece behaves like a biotech
  4. Amid worldwide weakness in financial stocks, Oppenheimer slapped these two banking names with bearish notes.
  5. As Athens implemented capital controls at banks, one Greek ETF suffered its worst day ever








Amid the uncertainty surrounding Greece's debt situation, oil fell to its lowest close in three weeks. Crude for August delivery tumbled $1.30, or 2.2%, to end at $58.33 per barrel. 


Gold futures, conversely, got a lift from the Greek drama, as traders sought "safer" investments. August-dated gold rose $5.80, or 0.5%, to $1,179.00 per ounce. 


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