Early Rally Fizzles; Stocks Close At Session Lows

The major averages spiked this morning on better than expected ISM data, but that rally, which briefly sent the Dow up triple digits, was short lived. Stocks slid from those levels throughout the session and selling intensified in the afternoon, sending the major averages out on their lows for the day. The Dow Jones Industrial Average shed 120 points to close at 11,493. The widely watched blue-chip index traded in a range between 11,488 and 11,716. The SPDR S&P 500 ETF

fell 1.05% to $120.94. Volume was light with just 253 million SPY shares trading hands compared to a 3-month daily average of 270 million. Look for volume to pick up tomorrow with the release of another important nonfarm payrolls report. The PowerShares QQQ Trust ETF

, which tracks the performance of the Nasdaq 100, lost 0.91% to $54.56. Year-to-date, the QQQ is up 0.18%. Crude oil was very slightly lower on Thursday. NYMEX crude futures lost around 0.07% to $88.75. The United States Oil Fund ETF

lost 0.12% to $34.47 in New York Stock Exchange trading. Gold fell marginally on Thursday. COMEX gold futures lost 0.21% to $1,827.90. The SPDR Gold Trust ETF

gained 0.08% to $177.87. Treasuries soared as investors headed back into bonds and out of risky assets. The iShares Barclays 20+ Year Treasury Bond ETF

soared 2.12% to $108.97. The yield on the 10-Year Note fell 9.3 basis points to 2.13%. The Dollar climbed during Thursday's trading session. The U.S. Dollar Index Bullish ETF

, which tracks the performance of the greenback versus a basket of foreign currencies, added 0.43% to $21.16. The closely watched EUR/USD pair is currently trading at $1.4259.