The
Dow Jones Industrial Average (DJI)
was up 59 points before lunchtime today, but as the day wore on,
the downtrend only steepened. "Although the market erased early
gains and finished in the red, traders continue to wait for the
Federal Reserve's annual summit in Jackson Hole, beginning August
30," noted Schaeffer's Senior Equities Analyst Joe Bell. "
Apple Inc. (
AAPL
) took the spotlight
earlier today, as it reversed its rally and dragged the tech sector
down with it."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
The
Dow Jones Industrial Average (DJI - 13,203.58)
began its decent in the late-morning hours today, and drifted more
than 85 points to its intraday low of 13,186.60. By the time the
dust cleared, the Dow turned in a 68.1-point, or 0.5%, defeat. All
but eight of the 30 blue chips slipped into negative territory, as
Verizon Communications Inc. (
VZ
) and Merck & Co., Inc. (
MRK
) led the underperforming majority with matching losses of 1.9%.
Meanwhile, JPMorgan Chase & Co. (
JPM
) paced winning issues with a 1.8% rise.
Similarly, the
S&P 500 Index
(SPX - 1,413.17)
and
Nasdaq Composite (COMP - 3,067.26)
also erased early gains and finished lower on the day. The SPX fell
from its session best of 1,426.68 -- its loftiest price since May
2008 -- and closed trading with a roughly 5-point, or 0.4%,
deficit. The tech-rich COMP sawed off nearly 9 points, or 0.3%.
The
CBOE Market Volatility Index (VIX - 15.02)
notched its second consecutive gain today, advancing 7.1%. The VIX
also settled above 15 for the first time since August 9.
Today's highlight
: "Small caps continued to lead today, a trend we have started to
see pick back up in August," said Bell. "After months of
underperformance, a resurgence from this group could bode well for
the overall market."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Oil futures closed in the green today, as euro-zone optimism
lifted the euro to its best price since early July. While the
dollar weakened, the commodity finished at its loftiest settlement
in three months. Against this backdrop, the now-expired
September-dated contract added 71 cents, or 0.7%, to end at $96.68
a barrel. Crude for October delivery -- the new front-month
contract -- gained 58 cents, or 0.6%, to close at $96.84 a
barrel.
Likewise, gold futures finished higher today, prolonging their
winning streak to five sessions. The commodity was supported by
hopes that economic stimulus for the euro zone will be implemented
by the European Central Bank. By the close, December-dated gold
jumped $19.90, or 1.2%, to land at $1,642.90 an ounce. This marked
the malleable metal's highest perch since May 4.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,203.58)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,413.17)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,067.26)
- support at 2,400; resistance at 3,400
Click through to read coverage of today's
notable annual highs and lows
.
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