Friends
Not that Apple, Facebook, Amazon, Microsoft and Google represent the dark side of the force, but in recent times they have represented the Empire, basically carrying the market averages in 2020 and prior years. But, as we have seen, these market leaders have seen quite a bit of selling pressure in recent days and weeks, while the rebellion (forgotten value stocks) have seen their shares rise in value in recent trading. Today, however, the Empire struck back. The former market leaders all moved higher, while value shares (often represented in the DJIA) sold off.
By the close, the Dow Jones Industrial Average was down 469 points to finish the day at 30,932. The S&P 500 was down 18 points to close at 3,811. The Nasdaq Composite Index was up 72 points to close at 13,192. Gold was down $44 to trade at $1,730 per ounce, while oil was down $1.86 to trade $61.67 per barrel WTI.
Though the Empire struck back today, it still was a bad week for the Nasdaq, and conversely, though it was a bad day for the Dow, it was a better week all in all for value. I mentioned all week that this was a strange week of trading, and a volatile one to boot. We saw interest rates spike during the week sending growth stocks down in price and value stocks up. Then today as rates fell back some, value stocks were hurt while the big growth stocks rose. Being the end of the trading month, let’s take a breather and see what March has in store for us starting Monday.
Have a great weekend everyone.
