Wednesday, June 9: SUMMARY:
It might have been expected that stocks were poised to move higher after Tuesday’s last-minute upside rally. However, sometime around midday optimism faded as the embattled euro sold off and closed below the closely watched $1.20 level.
Despite trading early above the key 10,000 level, the Dow Jones Industrial Average (DJIA – 9,899.25) sold off steadily during the second half of the session, settling on a final loss of 40.7 points, or 0.4%.
The S&P 500 Index (SPX – 1,055.69) also erased its early gains, finishing off 6.3 points, or 0.6%. The SPX’s intraday peak coincided almost exactly with the site of its own 10-day trendline.
The Nasdaq Composite (COMP – 2,158.85) endured a similarly volatile session, slipping from a morning high above 2,200 to close on a loss of 11.7 points, or 0.5%.
Crude futures maintained their gains today after the Energy Information Administration (EIA) reported a larger-than-expected weekly decline in crude supplies. By the time trading wrapped up, crude oil for July delivery was up $2.39, or 3.3%, at $74.38 per barrel.
Gold futures pulled back, with the precious metal responding to profit-taking in the wake of Tuesday’s newly tapped all-time peak. Gold for August delivery ended the day off $15.70, or 1.3%, at $1,229.90 per ounce.
