June 23, 2008
The market started higher, then declined, rose again and then fell, closing pretty much where it started, except for the NASDAQ which lost -.85 percent today. Meanwhile the S&P500 picked up .01 percent while the DJIA declined -.33 points, an amount that fails to round up to even .01 percent.
A similar day let alone an identical one- is hard to find, going back all the way to 1950. Indeed, there are just 115 closes in which the NASDAQ rose while the other two indices declined, 19 of which occurred since January 2000, and three so far this year.
Considering the price activity since April 25, reveals that the NASDAQ rose 2.2 percent from that date, while the S&P500 fell -3.4 percent and the DJIA dropped -5.7 percent in the same period. So perhaps an experience such as todays may be due to market pressures attempting to bring the gains of these indices into equivalent valuation.
DJIA -.00 percent
NASDAQ -.85 percent
S&P500 .01 percent