It was a volatile week for stocks, amid renewed fears about U.S.-China trade
The Dow spent the entire session in the red, finishing the volatile week with another risk-off showing. Trade tensions were again the main focus, following reports that the U.S and China are still far apart from making a deal. In addition, President Donald Trump said he doesn't plan to meet with Chinese President Xi Jinping ahead of a March 1 trade deadline. This caps a week that was also marked by concerns about the health of the global economy. However, the S&P 500 Index and Nasdaq managed small wins on the day, with the latter index and the Dow extending their impressive weekly win streaks.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,106.33) closed near session highs, but still settled with a 63.2-point, or 0.3%, loss. Sixteen of the 30 Dow stocks closed in positive territory, and United Technologies (UTX) had the best day with a 1.5% gain. UnitedHealth (UNH) had the worst day, down 2.6%. For the week, the Dow eked out a 0.2% win.
The S&P 500 Index (SPX - 2,707.88) squeaked out a gain of 1.8 points, or 0.1%, and the Nasdaq Composite (IXIC - 7,298.20) got a win of 9.9 points, or 0.1%. For the week, the SPX finished 0.1% lower, while the Nasdaq added 0.3%.
The Cboe Volatility Index (VIX - 15.72) dipped 0.7 point, or 4%. The "fear index" fell 2.6% on the week.
5 Items on our Radar Today
- The average American tax refund is down 8.4% so far this year. What's more, the number of returns received and processed is down considerably, as well, compared to this time last year -- though the recent government shutdown is likely to blame for some of the decline. (Politico)
- Health insurance executives are starting to push back on the Trump administration's proposal to pass drug discounts onto consumers. Executives from Humana today said that the White House's plan would raise premiums on many Americans. (CNBC)
- The C-suite news that weighed on Schlumberger.
- Analyst says to dump this restaurant stock.
- Inside two very different days from these toy stocks.
Data courtesy of Trade-Alert
Oil, Gold Fall for the Week
Oil prices managed a modest gain today, but fell for the week. March-dated crude futures closed up 8 cents, or 0.2%, today at $52.72 per barrel, but settled the week down 4.6%.
Gold also gained today amid the weakness in equities. Gold for April delivery was up $4.30, or 0.3%, at the close to settle at $1,318.50 per ounce. For the week, gold was down 0.3%.