DOW

Dow

11,569.71

-15.67

-0.14%

By: Abby Schultz, JeeYeon Park

Stocks ended slightly down from Wednesday's record high levels, shrugging off news of economic strength from several economic reports.

The Dow Jones Industrial Average fell 15.67 points, or 0.14 percent, to close at 11,569.71, a day after major indexes closed at or near multi-month highs. Thursday was the 19th consecutive day the Dow traded in a range of only 100 points, which hasn't happened since 1996.


The S&P 500 fell 1.90 points, or 0.2 percent, to close at 1,257.88, while the Nasdaq fell 3.95 points, or 0.2 percent, to close at 2,662.98. Among key S&P sectors, financials, health care and technology declined, while energy gained. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose to about 17.5.


“Periodic spikes” in the VIX up to around the 30-level are possible, triggered by many different economic factors, including the sovereign debt crisis in Europe, James Strugger, derivatives strategists at MKM Partners told CNBC.

“Over the last 30 years, volatility cycles have averaged about 5.5 years in duration and we’re about 3.5 years into this cycle, so we see another two years of high-volatility regime,” Strugger said.