The
Dow Jones Industrial Average (DJI)
was up more than 83 points at its intraday peak, but notched a
fourth consecutive session in the red. "We saw a
better-than-expected initial jobless claims report released this
morning, as well as a round of rate cuts from South Korea and
Brazil," said Schaeffer's Senior Equities Analyst Joe Bell.
"Selling pressure picked up during the final hours of the day, as
bulls were unable to create a meaningful bounce after poor price
action during the past few days."
Keep reading to see what else was on our radar today:
And now, a look at the numbers...
Dow Jones Industrial Average (DJI - 13,326.39)
T
BAC
The
S&P 500 Index (SPX - 1,432.84)
and
Nasdaq Composite (COMP - 3,049.41)
also pared their early gains, but found themselves on opposites
sides of breakeven by the close. The SPX held onto a fractional
victory, while the COMP shaved off 2.4 points, or nearly a tenth of
a percent.
The
CBOE Market Volatility Index
(VIX - 15.59)
was lower as well today, giving up 0.7 point, or 4.3%, to end the
session.
Today's highlight
: "Overseas markets shrugged off news that S&P rating agency
downgraded Spain last night, and reversed overnight losses," noted
Bell. "While U.S. equity markets followed suit early on, sellers
took control and broad markets reversed back near breakeven by the
end of the day."
Turning to today's major market stories...
For today's activity in commodities, options, and more, head
to page 2.
Crude futures reversed yesterday's downward momentum, despite a
surprise uptick in the holiday-delayed domestic inventories report.
As the dollar took a hit, November-dated oil increased by 82 cents,
or 0.9%, to settle at $92.07 a barrel.
Gold futures were also supported by the lagging greenback today,
which helped the commodity shrug off an unexpected decline in
weekly jobless claims. Against this backdrop, gold for December
delivery added $5.50, or 0.3%, to close at $1,770.60 an ounce.
Levels to watch in trading...
-
Dow Jones Industrial Average (DJI - 13,326.39)
- support at 11,500; resistance at 14,000
-
S&P 500 Index (SPX - 1,432.84)
- support at 1,100; resistance at 1,500
-
Nasdaq Composite (COMP - 3,049.41)
- support at 2,400; resistance at 3,400
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