DJIA Loses 20 Points as Greek Downgrade Dissolves Triple-Digit Gain
Stocks launched higher right out of the gate this morning, with the bulls assuming an early lead in the wake of encouraging data from across the pond. More specifically, euro-zone industrial output in April was up 9.5% from the period a year ago, marking the heftiest year-over-year percentage gain in nearly 20 years. However, Moody's Investors Service eventually extinguished the bullish flames, with the agency slashing its credit rating on debt-riddled Greece by four notches to "junk" status."After a strong start to the session, the market stumbled and drifted lower all afternoon," noted Senior Equities Analyst Richard Sparks. "What's more, the 1,100 level has proven to be an important and formidable resistance level for the S&P 500 Index," he added, "and reclaiming this level will be a true test of the market's resilience."
After rocketing nearly 117 points higher in early trading, the Dow Jones Industrial Average (DJIA – 10,190.89) performed an about-face around midday, swallowing a loss of 20.2 points, or 0.2%, by the close. Only 10 of the Dow's 30 blue chips maintained their footing in the black, led by Caterpillar (CAT) and Intel Corp. (INTC), while DuPont (DD) and JPMorgan Chase (JPM) paced the 20 declining equities.In similar fashion, the S&P 500 Index (SPX – 1,089.63) also gave up an early lead to settle 2 points, or 0.2%, in the red. Stifling the SPX's rally attempts was the aforementioned 1,100 level, which the index has toppled only twice since May 19.
Finally, the Nasdaq Composite (COMP – 2,243.96) was the lone index to eke out ahead, finishing with a fractional gain of 0.36 point, or 0.02%.
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