By Markus Heitkoetter
Stocks opened the session lower, then spent the rest of the day trying to work their way out of negative territory.
News today included Core Durable Goods which came in worse than expected with a -1.0% drop versus a -0.2% forecast. Unemployment Claims were inline with expectations (265k vs. a 265k estimate), while FOMC Member Bullard reiterated his comments from yesterday, suggesting that a rate hike might not be “far off.”
Today’s news didn’t help matters, but it was really a steady decline overnight that led to today’s rocky start.
After a lower opening, the major indices traded sideways for most of the day. Then an impressive rally in the last hour of the day almost erased losses for the session.
Here’s where the major indices ended the day:
The S&P finished flat. Down less than a point, the S&P ended at 2,036.
The DOW ended 0.1% higher. Adding 13 points, the DOW closed at 17,516.
The NASDAQ increased by 0.1%. With a 5 point gain, the NASDAQ finished at 4,774.
In spite of today’s recovery, the short trading week comes to an end with the first weekly loss in 6 weeks for the major indices.
Today Crude Oil (CL) ended 0.8% lower at $39.48 a barrel…which actually wasn’t that bad considering the CL was down as much as 3.8% during the session!
Traders will get a chance to enjoy a 3-day weekend with global markets closed for Good Friday. But the week isn’t quite over for the economic calendar, as Final GDP is scheduled to be released tomorrow at 8:30am ET.