Friends
Today began as another difficult day for stocks but by the close the market averages were well off the lows of the day with the Nasdaq actually getting into the green. The 10-year Treasury note touching 1.80% was a bit unnerving, but investors are going to have to get used to interest rates moving higher. The beleaguered Nasdaq saw strong selling at the open and at one point was down 2% for the day and nearly 9% from its all-time high, also touching its 200-day moving average. But as mentioned, at least today’s losses were erased in the end.
As for all the market averages, by the close the Dow Jones Industrial Average was down 162 points to finish the day at 36,068. The S&P 500 was down 6 points to close at 4,670. The aforementioned Nasdaq Composite Index was up 6 points to close at 14,942. Gold was up $2 to trade at $1,799 per ounce, while oil was down $.73 to trade at $78.17 per barrel WTI.
I hope you had a chance to review our 1st Quarter Outlook piece that we sent earlier in the day. If not we have attached it again below.
Have a nice evening everyone.
