Market Overview

Stocks Dip On Eurozone Jitters; Dow Falls 97 Points

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The U.S. stock market spent the first half of Wednesday's trading session in positive territory, but continuing uncertainty over the details of another Greek bailout payment triggered an afternoon sell-off. The Dow Jones Industrial Average closed the day with a 97 point loss at 12,781. The widely watched blue-chip average traded in a range between 12,753 and 12,899.

The SPDR S&P 500 ETF (NYSE: SPY) fell 0.47% to close the session at $134.56. Volume was a little heavier than normal with around 194.6 million SPY shares trading hands versus a 3-month daily average of 171 million.

The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, lost 0.70% to $62.77. The QQQ has been on fire so far in 2012, rising 12.43% amid a broad-based rally in stocks.

Crude oil was marginally higher on the day as tensions with Iran continue to escalate. NYMEX crude futures rose 0.07% to $101.87 while ICE Brent contracts added 1.35% to $118.93. In ETF trading, the United States Oil Fund (NYSE: USO) climbed 0.88% to $39.18.

Despite some jitters in the stock market, precious metals held up well on the day. COMEX gold futures added 0.16% to $1,730.80 while silver futures finished 0.08% higher at $33.435. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) gained 0.58% to close at $168.09.

Treasuries fell along with stocks on the day. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) lost 0.18% to $117.55. The yield on the 10-Year Note was basically flat at 1.93%.

The U.S. Dollar moved higher on Wednesday. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, gained 0.32% to $22.21. The closely watched EUR/USD pair was last trading at $1.3053.

Posted-In: Bonds Broad U.S. Equity ETFs Futures Commodities Currency ETFs Forex Intraday Update Markets

 

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