Well, you didn't think yesterday's market jump would last, did you? As I said in yesterday's market update, investors need to get ready for a wild week. Today is following through on that forecast of volatility ahead. The VIX, widely known as the market "fear measure," has soared 9.46% as of 2 p.m. EDT. That spike in the VIX dovetails with markets moving sharply lower. The Dow Jones Industrial Average
What's happening today?
Positive news yesterday out of the housing sector -- housing prices fell at their slowest rate in more than a year -- was counteracted today. The index of pending home resales saw a 5.5% drop according to data released today. That can be compared to a 3.8% gain in the prior month. The May results were below even the most bearish estimates.
Beyond the U.S., European stocks actually saw a worse day. The UK's FTSE 100 was off 1.74%. Investors continue to fret about Greece, but that's always with an eye toward larger countries with their own host of troubles. Spain took center stage today after its debt saw another downgrade, this time from Egan-Jones Ratings, which pushed its rating to BB-minus. Oh, and that's with a negative outlook.
In the wider market
Of the biggest losers, Pep Boys
Not surprisingly given data that points toward a worsening housing market, banks were among the worst performers today. Financials are down 1.6%, while energy saw the largest loss today. That sector is down 2.4% as oil dropped below $88 per barrel.
Take the long-term view
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Eric Bleeker owns shares of no companies listed above. The Motley Fool has a disclosure policy.
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