Daily Market Recap
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Updated Each Business Day at Approximately 4:30 pm ET
Volatility increased on Friday as investor worries about an Obamacare-replacement bill vote in the US House of Representatives seemed to grow. For the week the Dow Jones Industrial Average, S&P 500, and NASDAQ were lower by 1.5, 1.4, and 1.2 percent, respectively. The Commerce Dept. said US durable goods orders in February were up 1.7 percent, beating economist expectations. Micron Technology shares gained over 7 percent after reporting better than expected earnings last night. The company reported fiscal Q2 revenue of $4.65 billion, up 58 percent over the prior year period.
The DJIA lost 59.86 points at 20596.72. The S&P 500 was down 1.98 points at 2343.98, while the NASDAQ added 11.04 points to 5828.74. The Dow Jones Utility Index rose 3.20 points to 705.95, and the Dow Transports gave up 7.37 points to 8928.78. Russell 2000 small caps ended the session at 1356.26, rising 2.83 points. 791 million and 490 million shares were traded on the New York Stock Exchange and NASDAQ, respectively. Advancers outpaced decliners on the NYSE 15 to 13 and 4 to 3 on the NASDAQ.
Investor concerns regarding the Congressional health care vote helped the US dollar drift lower, with the ICE Dollar Index off 0.2 percent to 99.60. The weaker dollar helped gold futures achieve a 1.5 gain for the week. Gold for April delivery settled at $1248.50 per ounce Friday, up 0.1 percent for the session. May WTI crude settled at $47.97 per barrel, up 0.6 percent for the day, but lost around 1.7 percent for the week. Recent Treasury yields: 1.3 percent for the 2-year note, 1.9 percent for the 5-year note, 2.4 percent for the 10-year note, and 3.0 percent for the 30-year bond.
-- Clients with questions concerning this Afternoon Comment are advised to contact Amanda Collier at 1-800-444-1854 x8820 or (502) 588-8820. Members of the media are advised to contact Gary England at 1-800-444-1854 x1738 or (502) 588-1738. --