Stocks See Red on China's Downbeat Growth Outlook

The three major equity benchmarks spent the entire session in negative territory

by 3/5/2012 4:30:10 PM
Stocks quoted in this article:
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Crude-oil futures ended almost where they started today. The front-month contract benefited from easing supply concerns, after a meeting between President Barack Obama and Israeli Prime Minister Benjamin Netanyahu alleviated some fears over possible military action between Iran and Israel. On the other hand, demand worries continued to linger, as traders digested a downwardly revised growth outlook from China -- the No. 2 oil consumer in the world, behind the U.S. By the close, April-dated crude added 2 cents to finish at $106.72 per barrel.

Gold futures continued to backpedal today, but support from a weaker dollar helped the commodity keep its footing atop the $1,700 mark. China's downbeat growth forecast, as well as disappointing manufacturing data out of the euro zone, weighed on the precious metal, with gold for April delivery eventually giving back $5.90, or 0.3%, to end at $1,703.90 an ounce.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA 12,962.81) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX 1,364.33) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP 2,950.48) - support at 2,400; resistance at 3,000



OUTPERFORMING AND UNDERPERFORMING SECTORS

STOCKS  MOVERS

STOCKS  EARNINGS

STOCKS  NOTABLE CALL ACTIVITY

STOCKS  NOTABLE PUT ACTIVITY

STOCKS  NEW ANNUAL HIGHS

STOCKS  NEW ANNUAL LOWS

SCHAEFFER'S MARKET POSTURE


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