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Today's Commentary
Monday, December 22, 2014

The Dow Jones Industrial Average (INDEXDJX:DJI) extended its recent rout today, as crude's continued slide sparked another risk-off session.

Specifically, the DJI shed 315 points, or 1.8% -- bringing its week-to-date deficit to 3.8% -- after the International Energy Agency (IEA) cut its 2015 forecast for global oil demand growth.

Not only did the 30-stock index shatter its weekly win streak, but it posted its biggest weekly percentage drop since November 2011.

The sell-off wasn't restricted to blue chips, though, with the S&P 500 Index (SPX) and Nasdaq Composite (COMP) surrendering 1.6% and 1.2%, respectively. Amid this retreat in equities, the CBOE Volatility Index (VIX), also known as the market's "fear gauge," soared more than 78% week-over-week.


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