The Dow Jones Industrial Average (DJIA – 11,897.27) swallowed a loss of 178.8 points, or 1.5%, by the time the dust settled, marking its first finish beneath 11,900 since March 18. In fact, not one of the Dow's 30 components eked out a win, with Alcoa (AA) leading the pack with a 2.9% drop. What's more, the blue-chip barometer surrendered its perch atop its 160-day moving average, which had provided support during the past few sessions.
The S&P 500 Index (SPX – 1,265.42) gave up 22.5 points, or 1.7%, by the closing bell, marking just its third finish beneath the 1,270 level in 2011. In similar fashion, the Nasdaq Composite (COMP – 2,631.46) backpedaled 47.3 points, or 1.8%, to end south of its 200-day trendline for the first time since September 2010.
Crude futures fell to a four-month low today, as an unfavorable forex backdrop overshadowed a steeper-than-expected drop in domestic supplies. Specifically, euro zone finance ministers failed to reach an agreement for a rescue package for Greece, and the greenback's resulting rise spooked foreign currency holders from scooping up the dollar-denominated commodity. Earlier in the session, the front-month contract knocked on the door of triple-digit territory, after the Energy Information Administration (EIA) said crude inventories fell by 3.4 million barrels in the week ended June 10, compared to economists' expectations for a drop of 1.9 million barrels. Against this backdrop, July-dated crude oil futures gave up $4.56, or 4.6%, to end at $94.81 per barrel.
HAPPY TRADING & GOODLUCK2ALL
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