Dow Jones Industrial Average (DJI)
endured another session of up-and-down activity, but ended trading
at its worst price in nearly four months. "We had some positive
housing data this morning, but the market once again failed to hold
on to its early gains," claimed Schaeffer's Senior Equity Analyst
Joe Bell. "There are more worries about whether Greece will remain
in the euro zone, and what will come of its June election. While
many investors continue to flee the euro for the U.S. dollar, the
equity markets are being weighed down by uncertainty."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Problems in Greece also prove
detrimental for commodities
- What does the
50-day moving average mean to the S&P 500 Index (
VIX solidified its loftiest perch in 2012
- Plus, see
what's cooking ahead of Facebook's (
) Friday IPO
Dow Jones Industrial Average (DJI - 12,598.55)
tagged a session high of 12,722.63 this morning, but ended the day
down 33.5 points, or 0.3%, just barely above its session low of
12,597.34. Today marked the lowest close for the Dow since Jan 18.
Seventeen out of its 30 blue chips ended with deficits, as Bank of
) led the laggards with a 2.6% drop. General Electric's (
) 3.3% jump paced the 13 outperforming issues.
S&P 500 Index (SPX - 1,324.80)
penetrated the 1,330 level by the time the dust settled, falling
5.9 points, or 0.4%. The
Nasdaq Composite (COMP - 2,874.04)
turned in the worst performance of its fellow benchmarks, peeling
back 19.7 points, or 0.7%.
CBOE Market Volatility Index (VIX - 22.27)
gained 1.4% today, and ended above the 22 mark for the first time
since Jan 17. The VIX settled below its session peak of 22.69, and
touched its highest daily point in 2012.
: Although Wall Street caught an early lift from upbeat housing and
industrial production data, stocks just couldn't maintain their
positive momentum. "There isn't a lot to hold your hat on," Bell
suggests, "as every bounce seems to be met with more selling
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures prolonged their slide today, as a
higher-than-predicted uptick in domestic crude inventories -- now
at their highest level since 1990 -- and the political drama in
Greece weighed on the commodity. Crude for June delivery was down
$1.17, or 1.2%, to close at $92.81 a barrel -- its lowest
settlement since Nov 2.
Gold futures reached their lowest close since July today, as the
dollar continued its recent strength on anxieties that Greece could
end its tenure as a euro-zone member. June-dated gold buckled
$20.50, or 1.3%, to settle at $1,536.60 an ounce.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,598.55) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,324.80) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,874.04) - support at 2,400;
resistance at 3,400
For today's notable annual highs and lows,
At the end of every market day, the staff at Schaeffer's
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Editor's Note: A prior version of this article's title noted
an incorrect intraday point swing in the Dow. This has been
corrected, and we apologize for any confusion this may have