Sparked by more Russia/Ukraine unrest, and reports that 1st quarter GDP may actually be adjusted negatively (making it a minus number), stocks spent the day in negative territory. Despite Tuesdays being positive most of the time this year, the bears were able to dictate the proceedings today.
By the close, the Dow Jones Industrial Average was down 129 points to finish the day at 16,401. The S&P 500 was down 16 points to close at 1867. Gold was down $1.40 to trade at $1307 per ounce, while oil was up $.16 to trade at $99 per barrel WTI.
Traders will be digesting more earnings reports at the close today, but the real concerns seem to be global political in nature. The next couple of days we’ll hear from Ms. Yellen, which might distract market participants for a couple of days, but until the Russia/Ukraine situation settles down (if it settles down) traders will continue to remain a bit jumpy. We’ll see how the next couple of days unfold.
Have a nice evening everyone.