Dow Sheds 110 Amid Earnings Anxiety and Tech-Sector Woes
As the Dow Jones Industrial Average (DJI – 13,473.53) dove roughly 110.3 points just minutes before the closing bell, the index finished slightly higher than its session low. On the day, the Dow lost 110.12 points, or 0.81%, finishing below its 10- and 20-day moving averages for the first time since September 5. All but three of the 30 blue chips ended in negative territory, as Intel Corporation's analysts-related dip of 2.7% paced the losing issues. On the other hand, McDonald's Corporation (NYSE:MCD) led the winners with a 0.6% rise.
The S&P 500 Index (SPX – 1,441.48) ripped back 14.4 points, or 0.99%, closing below its 20-day moving average for the first time in a nearly a week. The broad-market barometer also notched a close below its 10-week trendline for the first time since June 22.
The Nasdaq Composite (COMP – 3,065.02) turned in the worst performance of its fellow benchmarks, sawing off 47.33 points, or 1.52%, finding its lowest daily settlement since August 30. The tech-rich COMP also notched a close below its 10-week trendline for the first time since June 22.
The CBOE Market Volatility Index (VIX – 16.37) gained 1.3 points, or 8.3%, to find a foothold at its loftiest price since September 26, though the 80-day moving average hovers above.
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