Dow Jones Industrial Average (DJI)
flirted with an early triple-digit deficit today, as disappointing
reports on jobless claims, private-sector payrolls, and
Chicago-area manufacturing fueled the bears. "It looked like we
were going to see a repeat of yesterday's price action," remarked
Schaeffer's Senior Equity Analyst Joe Bell. "The bulls took control
in late afternoon, though, with homebuilders and financial
companies helping stocks pare their collective losses by the
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
- What can we gauge from the
- Which popular
Wall Street freshman
launched weekly options?
- Plus, like equities, black gold ended May
on a sour note
Dow Jones Industrial Average (DJI - 12,393.45)
traded on both sides of the breakeven line today, falling as low as
bouncing back around midday
. However, after touching an intraday acme of 12,489.87, the
blue-chip barometer surrendered its footing in the black, ending on
a loss of 26.4 points, or 0.2%. Among the Dow's 30 components, 16
finished lower, with Caterpillar (
) leading the laggards with a 2.8% drop, and Bank of America (
) pacing the advancing equities with a 2.1% gain. The Dow shed 6.2%
in May, snapping its seven-month winning streak, and marking its
worst monthly finish in two years.
In similar fashion, the
S&P 500 Index (SPX - 1,310.33)
made a brief foray in positive territory, but eventually settled
with a loss of 3 points, or 0.2%. For the month, the SPX
backpedaled 6.3%. Meanwhile, the
Nasdaq Composite (COMP - 2,827.34)
spent most of the session swimming in the red, but trimmed its
deficit to 10 points, or 0.4%, by the closing bell. For the month,
the tech-rich COMP fared the worst of its peers, surrendering
CBOE Market Volatility Index (VIX - 24.06)
also traded on both sides of breakeven, even flirting with its
200-day moving average
for the first time this year. However, the market's "fear gauge"
finished relatively flat, shedding 0.3%.
: "We can look forward to the much-anticipated nonfarm payrolls
report tomorrow," stated Bell. "Plus, we had a bit of exhausted
selling today, as many stocks sold off hard early on, and soared
during the last couple of hours."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Dollar-denominated crude futures extended their losing streak
today, despite the greenback's modest pullback. Lackluster reports
on unemployment, Chicago-area business conditions, and
first-quarter economic growth tamed expectations about demand,
which weighed on black gold. By the close, July-dated crude gave up
$1.29, or 1.5%, to end at $86.53 per barrel. For the month, the
most-active contract surrendered a whopping 17% -- oil's worst
monthly finish since December 2008.
Meanwhile, gold futures failed to capitalize on the
aforementioned round of unimpressive economic data, with traders
instead seeking safety in bonds. By the time the dust settled, gold
for August delivery dipped $1.50, or 0.1%, to finish at $1,564.20
an ounce. For the month, the malleable metal shed 6%.
Levels to Watch in Trading
- Dow Jones Industrial Average (DJI - 12,393.45) - support at
11,500; resistance at 14,000
- S&P 500 Index (SPX - 1,310.33) - support at 1,100;
resistance at 1,500
- Nasdaq Composite (COMP - 2,827.34) - 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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