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Dow Closes a Second Week in the Red, Despite Late Rally
2/15/2013 4:23:00 PM
By: Schaeffer's Investment Research
"An upbeat consumer sentiment survey helped discretionary stocks
outperform much of the broad market," said Schaeffer's Senior
Equity Analyst Joe Bell. "But energy underperformed as the market
failed to hold on to early gains." The
Dow Jones Industrial Average (DJI)
finished a down week on a slightly up note, rallying at the end of
the day to finish in positive territory.
Pulled by down European markets and buoyed slightly by some upbeat economic reports, the Dow Jones Industrial Average (DJI) struggled to keep its head above water for most of the day, but rallied at the end to finish at 13,981.76, up 8 points, or 0.1%. Sixteen companies advanced on the 30-member Dow, led by Coca-Cola ( KO ), which shrugged off two days of declines to climb 1.6%. Wal-Mart ( WMT ) had the biggest fall out of the 13 decliners, dropping nearly 2.2%. Cisco Systems ( CSCO ) finished unchanged. The Dow finished the week down nearly 0.1%, its second consecutive weekly loss.
The S&P 500 Index (SPX) fell, dropping 1.6 points, or 0.1%, to close at 1,519.79. The index finished the week up 0.1%. The Nasdaq Composite (COMP) shed 6.6 points, or 0.2%, to finish at 3,192.03. For the week, the COMP fell 0.6%.
The CBOE Volatility Index (VIX) finished at 12.46, down 0.2 point, or 1.6%. The VIX finished the week down 4.3%.
A Trader's Take :
"Not a whole lot of news and the market was flat for the most part," Bell said. "Late in the day, there was a slight sell-off, but most of the losses were erased by close of business."
3 Things to Know About Today's Market :
5 Stocks We Were Watching Today :
For a look at today's options movers and commodities activity, head to page 2.
Crude ended down Friday, with March-dated oil giving up $1.45 on the day, or 1.5%, to settle at $95.86 per barrel. But crude finished the week up, gaining slightly more than 0.1%.
Several professional traders started exiting gold Friday, extending the metal's recent retreat. April gold closed at $1,609.50 an ounce, down $26, or 1.6%, after dipping south of the $1,600-an-ounce mark intraday for the first time since Aug. 15. For the week, the yellow metal dropped 3.4%.
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