By Markus Heitkoetter
Today stocks finished the session slightly lower.
Stocks sold-off quickly in the morning. Then a slow choppy afternoon ended with a push higher in the last 30 minutes of the day.
The push helped erase some of today’s losses, but wasn’t enough to bring the major indices into positive territory.
In spite of the rocky session, the NASDAQ finished flat and the S&P and DOW ended with small losses.
There were 2 main factors that led to today’s choppy session:
- A big sell-off in Oil.
- Cautious trading ahead of this week’s central bank decisions.
In the U.S., the Fed will begin their 2-day meeting tomorrow and release the closely watched Fed Policy Statement on Wednesday. And in Japan, the Bank of Japan will conduct their 2-day meeting and release their policy statement on Friday.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 7 points, the S&P ended at 2,168.
- The DOW ended 0.4% lower. Dropping 78 points, the DOW closed at 18,493.
- The NASDAQ was down 0.1%. With a 3 point loss, the NASDAQ finished at 5098.
Crude Oil (CL) continued its slide with a 2.3% loss. CL closed at $43.17 a barrel.
There were no major reports today, but the calendar picks up a little tomorrow with Consumer Confidence and New Homes Sales at 10:00am.