"
FedEx Corporation (
FDX
)
came out and lowered its guidance, which may affect several
industries and companies throughout the world," noted Schaeffer's
Senior Equities Analyst Joe Bell. "The market was relatively flat
and we once again saw a lot of the consumer staples and defensive
names lead for the day, while consumer discretionary stocks and
housing related companies struggled." Throughout the see-saw
session, the
Dow Jones Industrial Average (DJI)
battled hard to maintain a perch atop newfound support at 13,500.
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,564.64)
began trading at its session low of 13,517.81, and then ran to its
intraday high of 13,582.12 just before midday. After that, though,
the Dow wavered on either side of breakeven until lifting 11.5
points, or roughly 0.1%, by the closing bell. Seventeen of the 30
components turned lower today, with
Alcoa Inc.'s (
AA
)
analyst-induced 0.9% decline leading the way. Conversely, a 1.8%
rise from Kraft Foods Inc (NASDAQ:KFT) paced the 13 outperforming
blue chips.
The
S&P 500 Index (SPX - 1,459.32)
and the
Nasdaq Composite (COMP - 3,177.80)
traveled a similar path into negative territory, briefly eclipsing
the breakeven line earlier in the session. By the time the dust
settled, the SPX fell 1.9 points, or 0.1%, while the COMP
relinquished a fraction of a point.
The
CBOE Market Volatility Index (VIX - 14.18)
also headed south today, giving back 0.4 point, or 2.8%, to finish
just atop its intraday low of 14.17.
Today's highlight
: "There wasn't much to cheer about," remarked Bell. "The markets
continued to consolidate after last week's QE3-related rally."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
On the heels of a mysterious sell-off in the
last minutes of trading on Monday
, oil futures stayed south for a second straight session. By the
close, October-dated crude sawed off $1.33, or 1.4%, to end at
$95.29 a barrel. This marked the commodity's worst settlement since
Aug 31.
Not many speculators returned to gold futures today, as the
malleable metal was little changed by the closing bell. Gold for
December delivery inched higher by 60 cents, or roughly 0.1%, to
end at $1,771.20 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,564.64)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,459.32)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,177.80)
- support at 2,400; resistance at 3,400
At the end of every market day, the staff at Schaeffer's
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