Jun 25, 2014

Morning Market Report

Conflict in Iraq and Ukraine led to a rough day on local and international markets.

The market is down 51 points. The Dow Jones was down 119 points at 16,818 — The market rose at the open and was up as much as 32 points due to positive economic data but fell on news of escalating violence in Iraq. Volatility was high and the VIX index rose 10.47% to 12.13. The Energy sector was sold off on the Iraqi news and the Consumer Staples and Industrials sectors also lagged. The Consumer Discretionary and Healthcare sectors outperformed. Volume was lower than average and the market traded in a 164 point range.

US economic data — Consumer confidence rose to 85.2, better than the 84.0 expected and the highest number since the recession began in January 2008. New home sales were higher than expected, with sales topping 500,000 for the first time since May 2008. But prices were rose less than expected.

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