The Dow closed at 12,217.56 on December 30, 2011, but the blue-chip index was recently trading down 184 points at 12,209 after the government released disappointing May jobs figures.
Given the trials and tribulations of the past month, the index’s sudden dip into the red for the year doesn’t seem surprising. But remember, the market entered the second quarter on an amazing winning streak — the Dow’s 994-point first quarter gain was the largest on record. And while market strategists were buzzing about a pullback, few seemed to expect the index to give up its entire gain in the next two months (and mostly in just the past month).
Investors are now fleeing to safety — 10-year Treasury yields slid as low as 1.449% this morning.
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