Last week ended on a positive note with US stocks notching their first weekly gains of 2016, but the selling in equity markets resumed today. In typical fashion, sharp declines in oil led the major averages lower. Light crude declined by over 7% to trade under $30/barrel once again.
The Industrials ended the day down 1.29%, closing below the 16,000 level. Transports lost 1.87% while the Nasdaq Composite fell 1.58%. Treasuries and gold both found a small bid, with gold rising $12/oz. and the 10-year Treasury ending the day yielding 2.01%.
With earnings season under way, 135 of the S&P 500 companies will report this week. The Fed will release its latest policy statement on Wednesday, and we'll get the first read on Q4 GDP on Friday.
Sovereign Wealth Funds Add to Selling Pressure
By Matthew Kerkhoff
Among the many troubles plaguing the market lately has been the Federal Reserve’s transition towards tighter monetary policy. The Federal ... Log in or subscribe to continue reading.