The Dow closed lower for a second straight day amid sliding oil prices
The Dow Jones Industrial Average (DJIA) spent the day trading in the red, as Fed anxiety and crude oil's ongoing sell-off weighed on stocks. Oil prices hit new three-month lows once again, closing lower for a seventh straight day, after the Organization of Petroleum Exporting Countries (OPEC) reported a surprise production increase from Saudi Arabia. Meanwhile, the Federal Open Market Committee (FOMC) kicked off its two-day meeting despite winter storm Stella, with Wall Street fully expecting a rate hike tomorrow afternoon. The cautious approach not only resulted in the Dow's second straight loss, but sent the Nasdaq Composite (COMP) and S&P 500 (SPX) lower as well.
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The Dow Jones Industrial Average (DJIA - 20,837.37) fell out of the gate and failed to recover, finishing 44.1 points, or 0.2%, lower. Nike and Wal-Mart stocks both added 1.1% to lead the 12 Dow components that closed higher. Chevron stock, today's biggest blue-chip loser, gave back 1.8% amid oil's decline.
The S&P 500 Index (SPX - 2,365.45) closed with an 8-point, or 0.3%, deficit, breaking a key moving average in the process. The Nasdaq Composite (COMP - 5,856.81) dropped 19 points, or 0.3%.
The CBOE Volatility Index (VIX - 12.30) rose for the first time in three sessions, adding 1 point, or 8.4%.
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Alphabet just announced that Android/Gmail users will be able to
send and receive money from anyone. The process is as simple as adding an attachment to an email.
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A Business Roundtable survey showed a strong uptick in
CEO business optimism. Specifically, the percentage of top U.S. CEOs who plan to increase hiring during the next six months jumped dramatically compared to late 2016, as did the number of executives who plan to boost capital spending.
(USA Today)
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Data courtesy of Trade-Alert
Commodities
Crude oil prices ended in the red for a seventh straight session, hitting fresh three-month lows, as worries about a global supply glut persist. By the close, April-dated crude futures were down 68 cents, or 1.4%, at $47.72 per barrel. Black gold's losing streak is now the longest since early 2016.
Gold prices were also under pressure today, as the dollar strengthened amid rate-hike expectations. Gold scheduled for April delivery ended down 50 cents, or 0.1%, at $1,202.60 per ounce.
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