The bears responded to yesterday’s move from the bulls in a big way today, emboldened by continued concerns about corporate earnings and guidance, nervousness about the global economy, particularly in the euro zone, worries about the impact of a stronger dollar on the multinational companies, and some weaker-than-expected U.S. economic data. All these factors combined to take measure of equities today
. At the closing bell, the Dow Jones Industrial Average, the NASDAQ, and the S&P 500 Index were down 252, 48, and 26 points, respectively. It was a fitting end to a month that was less than kind to stocks.
The U.S. stock market
got off to a weak start this morning, but reversed direction and headed sharply higher in the afternoon. At the close of trading, the Dow Industrial Average had advanced 225 points, gaining over 1%; the broader S&P 500 Index had risen 19 points; and the NASDAQ had climbed 45 points.
The U.S. stock market
moved higher at the start of the session, but surrendered all of its gains in the late afternoon. At the close of trading, the Dow Industrial Average was down 196 points; the broader S&P 500 Index was off 27 points; and the NASDAQ was lower by 44 points.
The bears were out in full force today, with the major equity averages
down considerably from the get go, to the tune of nearly 400 points for the Dow Jones Industrial Average and 112 points for the NASDAQ within the first hour, or so, of trading.
The U.S. stock
market got off to a weak start this morning, but managed to reverse direction, and even make some selective progress. At the close of the day, the Dow Industrial Average was up six points, on a last minute move into the black, while the S&P 500 Index was higher by five points, and the NASDAQ was ahead 14 points.
The abbreviated trading week on Wall Street
proved to be a modestly constructive one for those long equities. As we have seen many times throughout the last half-decade, the latest move higher was a monetary policy induced rally. However, this time it was not the U.S. Federal Reserve pulling the strings, as equities soared yesterday on word that the European Central Bank (ECB) was implementing a roughly $70 billion-a-month bond-buying program for a one-year period. Not surprisingly, the world’s equity markets, which tend to view such asset purchases favorably, jumped on the ECB’s decision.
rose sharply today after word came that the European Central Bank (ECB) plans to initiate an aggressive bond-buying program aimed at stimulating the struggling European economy. In response, the Dow Jones Industrial Average shot up 260 points; the NASDAQ jumped 83 points; and the S&P gained 31 points. Market breadth affirmed the bullishness, with advancers widely outpacing decliners.
The U.S. stock market put in a modestly constructive session today. At the close of trading, the Dow Industrial Average was up 39 points; the broader S&P 500 Index was ahead 10 points; and the NASDAQ tacked on 13 points.
began the trading week a day late, owing to the Martin Luther King, Jr. holiday on Monday and came away with mixed results. Stocks
initially fell broadly on global growth concerns, but the major averages engineered a late afternoon turnaround, likely on optimism that central banks around the globe would provide more monetary stimulus.
The U.S. equity market
is closed today
in observance of the Martin Luther King Jr. holiday
. The respite may be just what the doctor ordered for tired investors following what was a highly volatile
, and mostly bearish,
week on Wall Street
. For the most part, it was the same story lines that we have seen thus far in 2015 pressuring equities, most notably falling oil prices, global economic concerns, fears of deflation on the Continent, and financial concerns in Europe, including worries about Greece and Switzerland.