It's been a zig-zaggy day in the markets today, and the late-afternoon portion of the session has seen the Dow Jones Industrial Average (DJIA 13,282.8) drift back into the red. At its highest point today, the Dow was up 52 points; at its lowest, the Dow was off 45 points. Currently, it is showing a 25-point loss.
Volume continues to diminish as investors prefer a view from the sidelines, concerned about what the Federal Open Market Committee will (or won't) do at its meeting next Tuesday. Until the rate-cut decision is made public, the market appears to be treading water.
On the New York Stock Exchange, the bears are in the lead, with 1,838 decliners outpacing 1,467 advancers, for an advance/decline ratio of 0.8. At the Nasdaq, there are 1,192 rising issues and 1,741 falling stocks, for a ratio reading of 0.68. The new highs/new lows scoreboard is in favor of the bears as well. At the Big Board, there are 58 new highs and 69 new lows. The Nasdaq has seen 61 new highs posted today and 66 new lows.
Some of the names on the new-highs list include Procter & Gamble (PG), Las Vegas Sands (LVS), Research in Motion Limited (RIMM), and Juniper Networks (JNPR). Included among today's new lows are Wyeth (WYE), National City (NCC), Fifth Third Bancorp (FITB), and Monster Worldwide (MNST).