Stocks sold off early continuing the trend that we have seen for the last few trading sessions, only to reverse course midday and work back into positive territory in late afternoon trading. Unfortunately, the rally faltered and stocks drifted back into negative territory for the 4th session in a row. As we have mentioned for days now, other than Middle East tensions in Yemen, there hasn’t been much in the way of market moving news since last week’s Fed meeting, thus traders can’t seem to muster the enthusiasm to buy stocks at the moment.
By the close, the Dow Jones Industrial Average was down 40 points to finish the day at 17,678. The S&P 500 was down 4 to close at 2056. Gold was up $5 to trade at $1202 per ounce, while oil was up $2.13 to trade at $51.34 per barrel WTI.
We get another look at 4th quarter 2014 GDP tomorrow, but once again that is really old news at this point. Other than that, we will get a jobs report next Friday (even though the market is closed for Good Friday), and earnings season will start after that. In the meantime we’ll see if the bulls can break this winning streak that the bears have going right now. Let’s see how the week finishes up tomorrow.
Have a nice evening everyone.