Stocks Dip On Eurozone Jitters; Dow Falls 97 Points
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.
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