3/25/15 Market Recap:
The equity markets fell again in yesterday’s trading, its third consecutive day of declines, with losses accelerating towards the close of the session. According to traders, there was no one particular event that drove selling pressure but a mix of factors including negative economic data, namely durable goods orders, along with investors taking profits as we near the end of the quarter. Durable goods orders fell by 1.4% in February, significantly more than expected, and fuelled questions regarding the economy’s growth. All four of the major averages declined yesterday, with the Nasdaq and Russell 2000 falling by greater than 2%. Similarly, nine of the ten S&P sectors pulled back with a majority of them falling by more than 1%. Energy was the lone exception, gaining 1.22% on the session thanks to rising oil prices.
Futures are negative this morning following yesterday’s broad market selloff. Economic data for the day is light with weekly jobless claims being released at 8:30. Oil prices are rising in overnight trading after reports of airstrikes in Yemen by Saudi Arabian forces. Additionally, treasuries are falling slightly while the euro continues its positive momentum against the dollar.
Don’t miss Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio when Gary interviews Don DiMicco, former CEO of Nucor and author of “American Made.” Visit our website www.ggfs.com for details.