In Case You Missed Thursday
The market falls below those big, round numbers
‘Twas nice knowin’ ya, 12,000:
- It was not a welcoming equities environment for the waking U.S. investor on Thursday: news of a massive $7 billion trade deficit reported by China, a downsizing of fourth-quarter GDP by Japan, and a move by Moody’s to downgrade Japan’s debt as well as harness it with a negative outlook had already sparked selloffs in Asia and Europe. The U.S. market didn’t disappoint, thanks to falling to five-week lows as the Dow closed below 12,000 for the first time since Jan. 31 with a 228-point drop that was its worst in five months. This all came, don’t ya know, with oil slipping nearly 2% to move under $103 a barrel. It turns out some other stuff also can tweak the market now and then. Unsurprisingly, bonds were a big hit, with the 10-year note’s yield slumping to 3.39%, its lowest level since, you guessed it, Jan. 31. With a falling dollar and lower crude prices, the precious metal trade cooled off some, with gold and silver both finishing lower.
- After the closing bell, shares of Aeropostale (NYSE:ARO) slipped nearly 7% after the company’s fourth-quarter earnings report, which included downside forecasts for both the first quarter and its full year ahead. Clean Energy Fuels (NASDAQ:CLNE) rose 4.7% after a fourth-quarter earnings beat.
- On Friday, you’ll be offered up the February report on retail sales, the Univ. of Michigan report on consumer sentiment, and a look at January business inventories. A smattering of who-cares earnings are in the mix, too.
OUT THERE SOMEWHERE:
Article printed from InvestorPlace Media, http://investorplace.com/2011/03/in-case-you-missed-thursday-4/.
©2013 InvestorPlace Media, LLC