The blue chips trimmed down triple-digit losses, closing only modestly to the downside, as traders overcame early anxiety over Europe's debt crisis.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, fell 6.7 points, or 0.05%, to 12654, the S&P 500 dipped 3.3 points, or 0.25%, to 1313 and the Nasdaq Composite skidded 4.6 points, or 0.16%, to 2812.
The Dow staged a ferocious comeback, haven fallen by more than 130 points at the lows of the session.
Financials were the biggest laggards of the day by a wide margin, with companies like Bank of America and Goldman Sachs seeing relatively strong selling pressure. Energy companies, such as ConocoPhillips and Halliburton contributed to the negative momentum as well.
The fragile situation in Europe fell into the background to some extent last week as market participants had a deluge of corporate and economic news to parse through. However, with the European Union meeting beginning on Monday, the continent's debt woes have come squarely back into focus.
The EU leaders discussed fiscal ties aimed at staving off a repeat of the debt crisis and the bloc's permanent rescue fund, called the European Stability Mechanism. Indeed, a posting on Twitter from European Council President Herman Van Rompuy suggested 25 of 27 European Union countries agreed to the fiscal pact, and there was an endorsement of the ESM treaty. A request for additional comment was not immediately returned ahead of the publishing of this story.
Jakarta Composite Index (JCI) may continue to fall today within the range of 3,875-3,955. Several stocks to monitor for day trading such as GJTL, BWPT, UNTR, and SDRA.
The JCI may move within the range of 3,875-3,948. The index tends to lower today. Yesterday, it fell 71.25 points or 1.79% to 3,915.16.
Minna Padi Investama:
The JCI may volatile within the range of 3,878-3,939. Investors tend to wait and see, Several stocks to watch: PTBA, INCO, and ANTM.
Today, the index may fluctuate within the support-resistance of 3,890-3,950.
Disclosure: No position at the stock mentioned above.
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