Uncertainty was once again the name of the game, as the market came up on the short end of the stick today. The Dow Jones Industrials (INDEX: ^DJI ) started the day down significantly before gaining some momentum; however, the rally steadied and the composite finished down 0.75%. European uncertainty was the only news of the day -- specifically worries over whether Greece would follow through on a previously agreed-upon bailout.
Outside the Dow, the Nasdaq and S&P 500 declined, down 0.39% and 0.67%, respectively. June oil futures have moved in tandem with the large United States indices, down for the sixth straight day, closing the day at $96.37 per barrel. Uncertainty plays tricks on equity markets, either leading to unsubstantiated gains or the much more likely scenario of large sell-offs driving down the market. Today, the Volatility Index moved above the 20 mark, suggesting that fear has crept into the market and that investor sentiment is bearish.
Pulling us down
With six straight days of decline, all the sectors have contributed in one way or another to the sell-off. Today is no different, with the culprits being technology and conglomerates. Let's look specifically at three Dow components that finished below the rest.
United Technologies (NYSE: UTX ) -- down 2.30%
This Hartford, Conn., company led the Dow in percentage loss today, followed closely by another aerospace manufacturer, Boeing (NYSE: BA ) . The latter finished the day down 1.21% but also made a splash with the announcement of the purchase of Inmedius, a software applications and services provider.
General Electric (NYSE: GE ) -- down 1.77%
GE also was a casualty of circumstance today, as its share price dropped on heavy volume with European uncertainty raging and a potential GDP slowdown looming.
McDonald's (NYSE: MCD ) -- down 1.73%
McDonald's also took a hit today on high volume, but don't discount the Golden Arches yet, as the company is once again putting together a media blitz with the Summer Olympics kicking off in less than two months.
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