"Jobs numbers weren't that impressive, and China's PMI came in
below 50 for the 10th month in a row," said Schaeffer's Senior
Equities Analyst Joe Bell. "With the market enjoying such a strong
run in August, it also makes sense that we would experience a
decline like this sooner or later." With that, the
Dow Jones Industrial Average (DJI)
notched a fourth consecutive loss today, and dipped nearly 125
points at its session low.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,057.46)
was knocked lower for a fourth day in a row today, giving up 115.3
points, or 0.9%, by the closing bell. All but three of the Dow's 30
blue chips ended in the red, as Hewlett-Packard Company's (
HPQ
) 8.2% earnings-related tumble paced the losing issues. Meanwhile,
Kraft Foods Inc. (
KFT
) and Pfizer Inc. (
PFE
) gained 0.7% and 0.2%, respectively. AT&T Inc. (
T
) remained unchanged.
Similarly, the
S&P 500 Index (SPX - 1,402.08)
and
Nasdaq Composite (COMP - 3,053.40)
parked in negative territory for the day. The SPX turned lower by
11.4 points, or 0.8%, while the COMP declined 20.3 points, or
0.7%.
The
CBOE Market Volatility Index
(VIX - 15.96)
advanced for a fourth consecutive session, adding 5.6% and securing
its highest daily settlement since Aug. 7.
Today's highlight
: "Housing data continued to be the bright spot within the economy
today," noted Bell. "The July home sales came in
better-than-expected and home building stocks are holding up pretty
well as the overall market lost ground."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Following
two-days of multi-month highs
, oil futures backpedaled, as investors took profits and mulled
over when, exactly, the Fed will enact monetary easing. By the
close, October-dated crude lopped off 99 cents, or 1%, to end at
$96.27 a barrel.
On the other hand, gold futures rocketed to their loftiest price
since April 12, as weak data out of China and yesterday's report
from the September Federal Open Market Committee supported the
malleable metal. Gold for December delivery jumped $32.30, or 2%,
to land at $1,672.80 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,057.46)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,402.08)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,053.40)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
Investment Research reviews the trading day in detail, covering
major events and key market developments. Don't miss this
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