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Feb 29 2016

Wall St falls sharply as Iran boosts oil production

Market Recap 2/26/16:
U.S. stocks fell on Friday after a strong read on economic growth reinforced the idea that the Federal Reserve would hold steady with its plan to raise interest rates by four times this year, a policy that is seen as a potential headwind for stocks. Fourth-quarter gross domestic product expanded at a 1-percent annual pace, an upward revision from a previously estimated 0.7 percent. Utility stocks, which are favored in a low-rate environment because of their high dividend yields, were among the weakest groups on Friday. Despite the decline on the day, the S&P 500 ended above its 50-day moving average for a second straight session, a sign of improving near-term momentum.
Looking ahead:
U.S. stock index futures fell sharply on Monday, after Iran said it was moving forward with its plan to increase oil production by 1 million barrels a day, a plan that is seen as exacerbating the oil market’s supply gut. The news weighed heavily on oil prices, which in turn pressured the broader market. Investors also looked to China, where the country cut the amount of cash that banks are required to hold in reserve, a move intended to support the country’s economy, though it also underlined how growth there has stalled of late. Don’t miss this week’s Money Matters with Gary Goldberg; for stations and air times, please click here. Visit our website at for more details, including for a free, no-obligation portfolio evaluation.