Benchmarks Notch Weekly Losses; Gold Charges Higher

Oil snapped its losing streak

Assistant Editor
Mar 19, 2021 at 4:30 PM
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Stocks finished the week mixed, with the blue-chip index losing triple digits following the U.S. Federal Reserve's decision to end a pandemic-era capital break rule for banks. The decision sent bond yields surging again -- hovering near their 14-month high above 1.75% -- and led to a sell-off in the financial sector. JPMorgan (JPM), Wells Fargo (WFC), and Bank of America (BAC) in particular lost big, each shedding over 3%, while Goldman Sachs (GS) fell around 1.5%.

As a result, the Dow fell 234 points, the S&P 500 finished relatively flat, and the Nasdaq notched a win. Further, the major indexes all logged weekly losses, with the IXIC locking in a particularly dismal week, as soaring bond yields sent investors scurrying away from high-flying tech stocks. 

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

  • Bull notes poured in for OLLI after upbeat quarterly report.
  • Analyst backs HIG on heels of buyout offer.
  • Plus, Vulcan Materials stock's technical setup; more on Nike's revenue miss; and bulls blast FDX after earnings.

The Dow Jones Industrial Average (DJI - 32,627.97) fell 234.3 points, or 0.7% for the day, and 0.5% on the week. Home Depot (HD) topped the list of Dow components with a 2.1% rise, while Visa (V) fell 6.2% to pace the laggards.

Meanwhile, the S&P 500 Index (SPX - 3,886.75) lost 2.4 points, or 0.06% for the day. The Nasdaq Composite (IXIC - 13,215.24) added 99.1 points, or 0.8% for the day. The indexes each lost 0.8% for the week.

Lastly, the Cboe Volatility Index (VIX - 20.95) fell 0.6 point, or 2.9% for the day, but rose 1.3% on the week.

Closing Summary 0319

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  1. The Federal Reserve will not extend a pandemic-era rule that deals with the amount of capital banks have to maintain. (CNBC)
  2. The Federal Trade Commission (FTC) is calling for "bold action" to rein in some of America's largest companies in the tech sector and beyond. (MarketWatch)
  3. A look at VMC's technical setup after its February peak.
  4. Nike's revenue miss failed to deter options traders and analysts.
  5. Bulls responded after FedEx reported an earnings beat.

Earnings 0319

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Gold Nabs Three-Week High

Oil snapped a five-day losing streak to close out the Friday with a win, amid renewed lockdown measures in Europe. Tensions also rose in Saudi Arabia after a crude facility was attacked by drones. In response, May-dated crude added $1.38, or 2.3%, to settle at $61.44 per barrel for the day, but shed 6.4% for the week -- its largest weekly drop since October.

Gold prices rose to a three-week high on Friday, as U.S. Treasury yields remained in focus and the Fed stayed dovish. The precious metal also locked in a second straight weekly win. As a result, April-dated gold tacked on $9.20, or 0.5%, to settle at $1,741.70 an ounce on the day, and up 1.3% for the week.  

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