After being up roughly 75 points in early action, the
Dow Jones Industrial Average (DJI)
turned south just before midday and stayed near breakeven for the
latter half of the day. "The broad market once again tried to form
a rally early on, but succumbed to selling pressure in the late
afternoon," said Schaeffer's Senior Equities Analyst Joe Bell. "The
Thomson Reuters/University of Michigan consumer sentiment survey
was released this morning, and came in at its best level since
September 2007. Despite the positive news, however, most sectors
were unable to hold onto gains."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Dow Jones Industrial Average (DJI - 13,328.85)
BA
BAC
JNJ
The
S&P 500 Index (SPX - 1,428.59)
and
Nasdaq Composite (COMP - 3,044.11)
also burned off early gains, but settled below the breakeven mark
by the time the dust settled. The SPX fell 4.3 points, or 0.3%, on
the day, and sawed off 2.2% for the week -- its lowest weekly perch
since early September. Meanwhile, the COMP notched a 5.3-point, or
roughly 0.2%, daily deficit, and an even greater 2.9% weekly defeat
-- its lowest weekly reading in two months.
The
CBOE Market Volatility Index
(VIX - 16.14)
was up 0.6 point, or 3.5%, today, bringing its weekly return to
12.6%.
Today's highlight
: "We got a first round of financial earnings reports, but the
reaction wasn't very positive," pointed out Bell. "Financials were
the clear laggard today, as JPMorgan Chase & Co. (JPM) and
Wells Fargo & Company (WFC) both reported earnings that
underwhelmed investors."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures dipped again today, on the heels of the
International Energy Agency report estimating weaker oil demand
this year. Lower gasoline prices also weighed on the commodity.
Against this backdrop, November-dated crude gave up 21 cents, or
0.2%, to end at $91.86 a barrel. For the week, oil closed higher by
2.2%.
In a rather slow news day, gold futures took a hit on a rise in
U.S. consumer sentiment and a round of profit taking by investors.
By the close, gold for December delivery lost $10.90, or 0.6%, to
settle at $1,759.70 an ounce. The precious metal posted a 1.2% loss
on the week.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,328.85)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,428.59)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,044.11)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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