Though mired in the red for the majority of the session, the
Dow Jones Industrial Average (DJI)
didn't retreat to its intra-day worst of 13,473.31 until the last
moments of trading. "It was another relatively quiet day for the
market, although technology stocks continued to lag," remarked
Schaeffer's Senior Equities Analyst Joe Bell. "
Intel Corporation's (
INTC
)
was hit with a downgrade, which sent the shares surging lower. The
trend of cutting guidance for this group continues and we are
seeing a lot of underperformance. Energy and coal stocks really
stepped up, though, and performed well."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Dow Jones Industrial Average (DJI - 13,473.53)
Intel Corporation's (
INTC
)
MCD
The
S&P 500 Index (SPX - 1,441.48)
ripped back 14.4 points, or nearly 1%, closing below its 20-day
moving average for the first time in a nearly a week. The
broad-market barometer also notched a close below its 10-week
trendline for the first time since June 22.
The
Nasdaq Composite (COMP - 3,065.02)
turned in the worst performance of its fellow benchmarks, sawing
off 47.3 points, or 1.5%, finding its lowest daily settlement since
August 30. The tech-rich COMP also notched a close below its
10-week trendline for the first time since June 22.
The
CBOE Market Volatility Index (VIX - 16.37)
gained 1.3 points, or 8.3%, to find a foothold at its loftiest
price since September 26, though the 80-day moving average hovers
above.
Today's highlight
: "Today, everyone's eyes were on third-quarter earnings, as they
get started with Alcoa Inc. (
AA
)," noted Bell. "Earnings are expected to decline for the first
time since the third quarter in 2009, which makes it all the more
heavily anticipated."
AAPL
Click here for more
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
After two down days, oil futures got a boost today from
bargain-hunting speculators. Plus, the commodity was supported by
supply concerns, as tensions are on the rise in the Middle East. By
the close, November-dated crude jumped $3.06, or 3.4%, to settle at
$92.39 a barrel.
While the dollar strengthened in today's session, gold futures
notched their third consecutive loss on the heels of the
International Monetary Fund's (IMF) warning about the rate of
growth for the global economy. Gold for December delivery ripped
off $10.70, or 0.6%, to end at $1,765 an ounce. This marked the
malleable metal's lowest price since August 26.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,473.53)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,441.48)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,065.02)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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