Dow Dives Sharply as Selloff Intensifies - InvestingChannel

Dow Dives Sharply as Selloff Intensifies

Stocks turned lower on Thursday with investors on edge this week ahead of the March jobs report due out on Friday. A spike in oil prices and fears the Federal Reserve could hold off further cutting interest rates added to the day’s poor sentiment.

The Dow Jones Industrials collapsed 530.16 points, or 1.4%, to 39,596.98.

The S&P 500 slipped 64.28 points, or 1.2%, to 5,147.21.

The NASDAQ sank 228.38 points, or 1.4%, to 16,049.08. Key stocks like Nvidia and Alphabet also gave up their gains on the day.

So far this week, the S&P 500 is down 1.9%, with three out of four days in the red. The 30-stock Dow has lost roughly 2.9% week-to-date, while the NASDAQ has dipped 1.7% during the week.

According to data released Thursday, initial jobless claims increased more than expected last week, hitting their highest level since late January. Additional data posted by the Commerce Department reflected an increased in the trade deficit to $68.9 billion in February, slightly higher than the Dow Jones estimate.

Investors are now awaiting Friday for the release of March’s non-farm payrolls.

Prices for the 10-year Treasury marched ahead, lowering yields to 4.31% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions.

Oil prices reasserted themselves $1.22 to $86.65 U.S. a barrel.

Gold prices hesitated $10.10 to $2,304.90 U.S. an ounce.

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire