"It was a perfect storm of worse-than-expected economic data
this morning -- highlighted by the nonfarm payrolls report -- that
pulled the market into a sea of red," lamented Schaeffer's Senior
Equity Analyst Joe Bell. As the mood on Wall Street soured, keeping
skeptical investors on the sidelines, stocks prolonged their weekly
slide and the
Dow Jones Industrial Average (DJI)
drifted below breakeven for the year.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- Stock market technicals: What does the
mean to the major market indexes?
What's up with what's going down?
A look at the recent action with the VIX.
Dow Jones Industrial Average (DJI - 12,118.57)
drifted to its lowest point of the year today, peeling back some
274.9 points, or 2.2%. This retreat pushed the Dow below its
200-day moving average for the first time since Dec. 19, and
effectively wiped clear its year-to-date gain. All 30 of the Dow's
components suffered declines, as Hewlett-Packard (
) and Bank of America (
) led the losers with losses of 6.3% and 4.5%, respectively. The
blue-chip barometer gave up 2.7% for the week, marking its worst
weekly settlement since Dec. 16.
S&P 500 Index (SPX - 1,278.04)
plummeted 32.3 points, or 2.5%, losing its foothold atop its
. For the week, the SPX hacked off 3%. Meanwhile, the
Nasdaq Composite (COMP - 2,747.48)
gave up its perch above its 200-day moving average, and plunged
79.9 points, or 2.8%. The COMP fared the worst of its fellow
benchmarks for the week, falling 3.2%.
CBOE Market Volatility Index (VIX - 26.66)
climbed 10.8% today, finishing just off its session peak of 26.71,
and marking its first daily close atop 26 since Dec. 14. For the
week, the VIX leapt 22.5%
today's payrolls report
Turning to today's major market stories...
For today's activity in commodities, options, and more, head to
The recent pullback in oil futures continued, as fears about
global demand heightened on downbeat economic data from home
. July-dated crude slipped $3.30, or 3.8%, to end at $83.23 a
barrel -- the lowest daily close since Oct. 7, and the largest
percentage loss since May 4. For the week, oil burned off 8.4% of
On the other hand, gold futures shot higher following the
disappointing employment report. As investors sought the precious
metal as protection against inflation, gold for August delivery
jumped $57.90, or 3.7%, to land at $1,622.10 an ounce -- the
largest percentage gain for a most-active contract since August.
The commodity added 3.4% on the week.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,118.57) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,278.04) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,747.48) - 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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