A bearish fever plagued the
Dow Jones Industrial Average (DJI)
for most of the day, as major domestic news and economic tensions
abroad tested investor mettle. "The European Union (EU) remained in
focus as the EU Summit commenced today, while financials received
much of the spotlight back home," explained Senior Equities Analyst
Joe Bell. "JPMorgan Chase (
JPM
) dragged on the financial sector, as reports surfaced that some of
its trading losses could be much worse than previously expected. In
addition, Citigroup downgraded several banks in the sector."
Click through to see what else was on our radar today:
- Did today's fast market pay off for
Wall Street's day traders
?
- How to get
super leverage
from trading commodity options.
- Plus, how did
healthcare-related stocks
check out after the
Obamacare ruling
?
And now, a look at the numbers...
In the last two hours of trading, the
Dow Jones Industrial Average (DJI - 12,602.26)
found itself 176.8 points lower at a session nadir of 12,450.17,
but battled back to pare a big chunk of its losses. By the time the
dust cleared, the Dow was off by only 24.8 points, or 0.2%. Sixteen
of the 30 blue chips turned in deficits, with JPMorgan Chase &
Co.'s (
JPM
) 2.5% pullback leading the laggards. Chevron (
CVX
) paced the 13 winning issues with a 0.9% climb, while 3M (
MMM
) remained unchanged.
The
S&P 500 Index (SPX - 1,329.04)
fared a similar fate, inching 2.8 points, or 0.2%, lower.
Meanwhile, the
Nasdaq Composite (COMP - 2,849.49)
backpedaled 25.8 points, or 0.9%, posting the worst performance of
its fellow benchmarks. At their intraday worsts, the SPX and COMP
traded at 1,313.29 and 2818.19, respectively.
The
CBOE Market Volatility Index (VIX - 19.71)
rose on today's bearish turn for stocks, but only slightly. The
market's fear gauge tacked on 1.3%, and settled below its session
high of 21.19.
Today's highlight
: "There wasn't
much to cheer about
from a price-action perspective today, but we finally got the
Supreme Court's ruling on Obama's healthcare law," said Bell.
"After
initial confusion from different media outlets
as to whether it was upheld or not, word finally came through that
it was indeed sustained by the court. Healthcare stocks initially
sold off on the news, but then regained their footing and don't
appear any worse for the wear."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures plummeted today, bending to their lowest price since
October, and their worst settlement in 2012. Rising concerns that
the EU summit will fail to resolve the region's debt problems, as
well as a stronger dollar and a sell-off in the broader equities
market, weighed on the commodity. By the close, crude for August
delivery burned off $2.52, or 3.1%, to end at $77.69 a barrel.
Similarly, gold futures took a tumble today, as traders
contemplated the EU's persistent economic crisis and today's
Supreme Court healthcare ruling. As the dollar strengthened,
August-dated gold retreated $28, or 1.8%, to land at $1,550.40 an
ounce. This marked the precious metal's lowest price since May.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 12,602.26)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,329.01)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 2,849.49)
- support at 2,400; resistance at 3,400
Click the links for coverage on today's
notable annual highs
and
notable annual lows
.
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