Market Drops: DJIA Market Close for Thursday, August 12, 2012

The market dropped today ahead of the FED retreat at Jackson Hole tomorrow.

The Dow was down -1006.77 (-0.81%) at 13,000.71. I guess we were lucky today, not closing below 13,000 (barely).

Personally, if the Dow looks like it will close below 13,000 tomorrow, I will have to add to my cash position.

There were only two Dow stocks that closed higher today, MRK (+0.14%) and PG (+0.01%), and they were barely up.

Losers were led by CAT (-1.88%), CSCO, UTX, DIS and AA.

Of note, KO and HPQ closed at new 52 week lows.

The dollar was up against the euro, but slipped against the British pound and Japanese yen.

Oil for October delivery lost 94 cents to settle at $94.62 a barrel.

Gold futures for December delivery dropped $5.90 to end at $1,657.10 an ounce.

The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.61% from 1.65% late Wednesday.

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