CLOSING BELL

Dow 10442.41  -8.23, Nasdaq 2289.09  -20.71, S&P 1113.20  -4.31 

The markets started the day off strong on news that China would let the yuan fluctuate.  But the gains didn’t last and the market ended the day lower.

In the morning raw materials and natural resource stocks saw strong support with the idea that a stronger yuan would fuel China’s demand for materials.  Materials stocks were up +2% in trading today but lost their momentum and ended the day with a +0.4% gain.

Retailers saw some of the worst selling pressure. As a group, retailers fell -1.7%, which hurt the consumer discretionary sector so that it fell -0.9%, which was the worst loss of any major sector.

August gold had been up to a new record high of $1266.50 per ounce overnight after it was learned that Saudi Arabia’s central bank was hold almost twice the amount of gold previously thought.  But gold fell back closing at a +1.9% to $1240.70 per ounce.

Advancing Sectors: Materials +0.4%, Industrials +0.3%
Declining Sectors: Consumer Discretionary -0.9%, Tech -0.8%, Utilities -0.8%, Health Care -0.4%, Consumer Staples -0.3%, Financials -0.3%, Energy -0.2%, Telecom -0.1%