Dow Churns to Multi-Year High Despite Jobs News

Steven Bobson, Europe & Americas Editor
September 21, 2012 /

“This morning’s initial jobless claims failed to affect the market,” said Schaeffer’s Senior Equities Analyst Joe Bell. “The safety trade was once again today’s theme, as consumer staples outperformed most of the other sectors.” The Dow Jones Industrial Average (DJI) backpedaled roughly 75 points in morning trading, but battled hard to secure a daily victory.

The Dow Jones Industrial Average (DJI – 13,596.93) secured a win today, albeit a minor one. The blue-chip barometer was in the red for most of the session, drifting to an intraday bottom of 13,503 in the first half hour of trading.

By the time the closing bell sounded, though, the Dow was up 19.0 points, or 0.1%, to land at another multi-year best. Of the Dow’s 30 components, Kraft Foods Inc ( KFT ) led the 17 winning issues with a 1.9% rise, while Alcoa Inc.’s ( AA ) 2.3% decline paced the 13 underperformers.

The S&P 500 Index (SPX – 1,460.26) cleared breakeven for a brief moment in late-trading, but ultimately shaved off a fraction of a point on the day. The Nasdaq Composite (COMP – 3,175.96) fared no better, wading in the red for the entire session, and giving up 6.7 points, or 0.2%, by the close.

The CBOE Market Volatility Index (VIX – 14.07) turned higher today, but didn’t travel too far from where it started, adding two-tenths of a point, or 1.4%.

When asked what the best thing about today’s market was, Bell responded with a succinct observation: “It’s over.”

“It was another boring, relatively flay day. If that sounds familiar, it is. Once again, the market fought tooth and nail to make a minor move.”

Poorly received domestic and foreign manufacturing data kept crude futures near breakeven today, as the newly expired futures contract for October delivery inched lower by 11 cents, or 0.1%, to settle at $91.87 a barrel. Meanwhile, November-dated crude ticked higher by 12 cents, or 0.1%, to $92.69 a barrel.

Gold futures didn’t move too much either, even though the U.S. dollar flexed some muscle today. December-dated gold dipped $1.50, or 0.1%, to end at $1,770.20 an ounce.


Share your opinion

SEO Powered By SEOPressor