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Markets Finished Mixed on European Concerns
3/27/2013 4:28:00 PM
By: Schaeffer's Investment Research
"I'm just happy that weakness in Europe didn't torpedo our
markets," said Schaeffer's Senior Technical Strategist, Ryan
Detrick, CMT, after the
Dow Jones Industrial Average (DJI)
fell on the day but closed only slightly lower after an afternoon
rally. "Last year, there's a good chance we have a big down day on
news and concerns like we saw out of Italy. We are finally seeing a
divergence from those concerns and the realization is the U.S.
economy is on much better footing than most of Europe."
The day after a 112-point gain, the Dow Jones Industrial Average (DJI) got dragged down again by European concerns. The Dow lost 33 points, or 0.2%, to close at 14,526.16, although it recovered nearly 87 points from its intraday nadir. The 30-member Dow saw 10 of its members advance, led by UnitedHealth Group ( UNH ), which climbed 1.7%. JPMorgan Chase ( JPM ) led the 20 decliners, falling 1.8%.
The S&P 500 Index (SPX) also dropped back, but came within a point of another multi-year high in late-session trading. The SPX fell nearly 1 point, or less than 0.1%, to finish at 1,562.85. The Nasdaq Composite (COMP) pulled out a win on the day, ending at 3,256.52, up 4 points, or 0.1%, after threatening to set yet another 12-year high.
The CBOE Market Volatility Index (VIX) gained 0.4 point, or 3%, to close at 13.15.
A Trader's Take :
"The headlines will say weakness out of Italy pushed us lower, yet I find that more of an excuse," Detrick said. "The reality is that the S&P 500 Index (SPX) once again is flirting with new highs and just can't seem to break out. Just like the Dow when it danced around 14,000 for what seemed like forever, we seem to be seeing similar action with the SPX now."
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For a look at today's options movers and commodities activity, head to page 2.
Crude futures pushed past increased domestic inventories to extend their winning streak to four straight sessions. Oil for May delivery rose 24 cents, or 0.3%, to close at a new five-week high of $96.58 per barrel.
The ongoing European concerns renewed gold's safe-haven appeal, leading June-dated gold up $9.90, or 0.6%, to a finish at $1,607.20 per ounce.
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