Fed Fears, Oil Bury Dow Jones Industrial Average; Nasdaq Snaps Win Streak

The Dow Jones Industrial Average (DJIA) spent the entire session in the red, as rate-hike speculation and sliding oil prices weighed on stocks. Hawkish comments from Philadelphia Fed President Patrick Harker put Wall Street on edge early, sending the dollar soaring and commodity stocks lower. The broader energy sector also suffered heavy losses, after a government report on U.S. oil stockpiles sent crude futures spiraling. As a result, the Nasdaq Composite's (COMP) win streak came to an end just a day after the Dow's, while the SPDR S&P 500 ETF Trust (SPY) fell back below its year-to-date breakeven level. 

Continue reading for more on today's market, including:

• One explanation for Tesla Motors Inc's (NASDAQ:TSLA) recent slide. 
• 3 gold ETFs making big moves. 
• The high-profile hedge fund announcement that sparked this drugmaker's worst day in over a year. 
• Plus ... a real estate market divided, the ambitious analyst note for Adobe, and 25 stocks for your Easter basket. 
  

The Dow Jones Industrial Average (DJIA - 17,502.59) stood no chance today, as the blue-chip index suffered an 80-point, 0.5%, loss. Just nine of the Dow's 30 components closed in the black, with UnitedHealth Group Inc (NYSE:UNH) leading the way for a second straight day, gaining 1.4%. Nike Inc's (NYSE:NKE) 3.8% post-earnings loss paced the losers. 

The S&P 500 Index (SPX - 2,036.71) dropped 13.1 points, or 0.6%, to fall back into negative year-to-date territory. The Nasdaq Composite (COMP - 4,768.86) had the worst day of all, giving back 52.80 points, or 1.1%, to end its win streak at five sessions. 

The CBOE Volatility Index (VIX - 14.94) climbed 0.8 point, or 5.4%. 

5 Items on Our Radar Today:

1. New home sales popped 2% in February, according to the Commerce Department. However, the West accounted for an overwhelming amount of this increase. New home sales for the month came in at 512,000, on a seasonally adjusted basis. (CBS News)

2. Philadelphia Fed President Patrick Harker is making the case for the Fed to raise interest rates sooner rather than later. "I think we need to get on with it," he said, adding that, if the economy continues to improve, he would be "supportive of another 25 basis point rise." (Reuters)

3. The M&A news that kept this fast-food stock's hot streak alive. 

4. How analysts are betting on all-time highs from Adobe Systems Incorporated (NASDAQ:ADBE). 

5. 25 stocks that could outperform next week. 

Data courtesy of Trade-Alert

Commodities:

Crude oil futures got drilled today, as U.S. stockpiles rose by much more than expected last week. The May-dated crude contract dropped $1.66, or 4%, to end at $39.79 per barrel. 

Today's rate-hike fears pushed the dollar higher, sending gold prices lower in a hurry. At the close, gold dated for April was down $24.60, or 2%, at $1,224 per ounce.