If you had the three major indices in a 2012 survivor pool, only the S&P 500 would be left. The Dow was basically flat today but technically snapped its two-day winning streak:
|Dow Jones Industrial Average (INDEX: ^DJI )||-2.72 [-0.02%]||12,415.70|
|Nasdaq (INDEX: ^IXIC )||+21.50 [+0.81%]||2,669.86|
|S&P 500 (INDEX: ^GSPC )||+3.76 [+0.29%]||1,281.06|
When you see the Nasdaq outperforming the S&P and Dow, you'd expect a tech-stock surge. But the Dow tech components were mixed, with Microsoft and Intel up a bit and Cisco, Hewlett-Packard, and IBM down.
Instead, it was the financial sector that powered the Dow today. Bank of America (NYSE: BAC ) led all Dow components with a whopping 8.6% surge. JPMorgan Chase [2.1%], American Express [+1.2%], and Travelers [+1%] were each up as well. Looking more broadly, the Financial Select Sector SPDR ETF (NYSE: XLF ) was up 1.4%.
The big news driving the financial industry was rumors over a possible major refinancing plan for American homeowners. However, Bloomberg reported later in the day that the White House is denying those rumors. The only thing I'm predicting -- expect more volatility.
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