The DJIA explored a 327-point range today, with the action eventually resolving to the upside
The
Dow Jones Industrial Average (DJIA) spent almost the entire session in the red, with continued anxiety around Greece and China sending the blue-chip barometer down about 218 points at its session low. Specifically,
Greece's apparent lack of effort and
the Shanghai Composite's slump -- not to mention a
drop in commodity prices -- had traders hitting the bricks
en masse. This skepticism also took an early toll on the
S&P 500 Index (SPX) and
Nasdaq Composite (COMP), which were staring at significant losses for most of the day. A late-day burst of buying power helped all three indexes settle higher, though, with the SPX clawing its way back above its year-to-date breakeven mark by the close. Tomorrow could be a volatile one, too, with a number of Federal Reserve officials slated to speak and
the Federal Open Market Commitee's (FOMC) June meeting minutes set for release.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,776.91) tracked a nearly 328-point range today -- and explored both sides of breakeven -- before closing up 93.3 points, or 0.5%. Twenty-two of the DJIA's 30 components settled higher, led by 2.1% pops for The Coca-Cola Co (NYSE:KO) and Procter & Gamble Co (NYSE:PG). DuPont (NYSE:DD) paced the eight decliners with its 1.5% drop.
The S&P 500 Index (SPX - 2,081.34) breached its 200-day moving average for the first time since Oct. 20 in intraday action, but eventually settled with a 12.6-point, or 0.6%, gain. The Nasdaq Composite (COMP - 4,997.46) was off nearly 90 points at its intraday low, but climbed to a 5.5-point, or 0.1%, win -- stopping just short of the 5,000 mark.
The CBOE Volatility Index (VIX - 16.09) stopped squarely at the critical 19.20 mark in intraday action, before closing with a 0.9 point, or 5.4%, loss.
5 Items on Our Radar Today:
- Following Thursday's lackluster payrolls report, the Labor Department's latest JOLTS data indicated the number of job openings hit a 14-year high of 5.4 million in May. Elsewhere on the economic front, the Commerce Department said the U.S. trade deficit grew $1.2 billion to $41.9 billion in May, amid a decline in exports and a strengthening dollar. (USA Today; Reuters)
- At today's meeting with German Chancellor Angela Merkel, French President Francois Hollande, and head of the European Commission Jean-Claude Juncker, Greek Prime Minister Alexis Tsipras reportedly requested interim financing for the debt-plagued country through the end of July. Earlier, Greece arrived at an emergency summit without any fresh proposals for a new deal. (MarketWatch)
- AMD fell more than 15% -- and hit a two-year low along the way -- after the firm's dismal outlook was met with bearish backlash from the brokerage bunch.
- 3 tumbling commodity names.
- Both Sunedison Inc (NYSE:SUNE) and Pinnacle Entertainment, Inc (NYSE:PNK) popped in the wake of their respective M&A news.
Commodities:
Crude oil teetered near bear-market territory as anxiety over Greece, China, and Iran ramped up. However, liquid gold pared a significant portion of these losses in late trading, and, at the close, August-dated crude was down just 20 cents, or 0.4%, at $52.33 per barrel.
A strengthening dollar and concerns about China pressured gold futures today. By session's end, gold for August delivery was off $20.60, or 1.8%, at $1,152.60 per ounce -- its lowest close since mid-March. September-dated silver and copper, meanwhile, dropped to levels not seen since 2009.