Tensions between Russia and Ukraine seemed to take a toll on the markets today, as traders did not feel comfortable buying into a weekend that could see some political uneasiness. On the economic front, the consumer confidence number was stronger than expected, but that report wasn’t enough to turn the negative tide which took hold at the beginning of the trading session.
By the close, the Dow Jones Industrial Average was down 140 points to finish the day at 16,362. The S&P 500 was down 16 points to close at 1863. Gold was up $12 to trade at $1302 per ounce, while oil was down $1.30 to trade at $100.64 per barrel WTI.
Leading the downturn once again were the previously high flying/high momentum stocks that seem to have broken all technical levels recently and look to take time to rebuild. The result was the NASDAQ being down more than the Dow or the S&P, although all three were firmly in negative territory. Seasonally, April is typically a good month for stocks, but as we get close to the end of the month, April 2014 looks to be a dud so far. We still have a few more trading sessions before the results are tallied so let’s see what next week holds.
Have a great weekend everyone.