S&P and Dow down. Nasdaq ends with a smallish gain (but well off the day highs).

The major US stock indices are ending the day mixed with the S&P and the Dow down, while the Nasdaq ends the day with smallish gains. All are ending the day well off their highs.

  • The Nasdaq ended the day higher by 13.56 points or +0.23% at 5863.03. Although up, it was well below the high at 5894.67 (up about 45 on the day at the peak).
  • The S&P index is ending the day down -4.07 points or -0.17% at 2338.12. The high extended to 2352.63. The low reached 2335.05
  • The Dow was under pressure all day as IBM was the biggest drag for that index. The Dow fell -119.13 points on the day to 20404.49. The high reached 20546.69. The low reached 20379.55.

A tumble in oil took the wind out of the stock market (or so they say. I am not sure I fully understand that excuse, but I will use it too).

For me, the fall was helped by the S&Ps inability to get back above its 50 day MA at 2355.14. The high in the S&P could only get to 2352.63. That was not enough. We have now closed below the 50 day MA for the 5 straight days. You have to go back to before the November US election to have such a pattern. The good news (for bulls that is) is the index is still relatively close to the all time highs too at 2400.98. So traders are not really panicking just yet.