On the economic front, both the PMI Services Index and the ISM Non-Manufacturing Index came in shy of expectations and indicated slowing in the service sectors of the U.S. economy. The ADP private sector jobs number came in shy of the estimated number with 139,000 new jobs having been created in February (guesstimates were for 150,000 new jobs). And finally, in the afternoon the Beige Book (the Fed’s look at economic activity among the 12 Fed districts) was basically a weather journal. I think it’s pretty obvious that weather has had a stifling effect on economic activity this winter in many areas of the country. There was little reaction in the stock market to any of these items as volatility was at a minimum for the entire session.
By the close, the Dow Jones Industrial Average was down 35 points to finish the day at 16,360. The S&P 500 was virtually unchanged closing at 1873. Gold was down a fraction to trade at $1337 per ounce, while oil was down $2.21 to trade at $101.12 per barrel WTI.
Traders are still keeping an eye on the developments in Ukraine, but shy of any major new developments, Friday’s job number will be the next potential market moving data point. We’ll let you know how the rest of the week plays out.
Have a nice evening everyone.