Friday, March 19, 2010

CLOSING BELL

Dow 10741.98  -37.19, Nasdaq 2374.41  -16.87, S&P 1159.90  -5.93 

The market sold off today on a stronger dollar and fear that the health care bill will pass over the weekend. Volatility also spiked today with quadruple witching.  Stocks this week seemed to be tired this week after their recent run-up and no real catalyst to move them higher. 

Small cap stocks were under pressure today lead by Palm (PALM) 4.00 -1.64, -29.16%.  Palm was sold off after reporting earnings that missed estimates and analysis downgrades with one analysis saying the price will go to $0.00.  The Russell 2000 Small-Cap Index lost -1.1% today.

The dollar's gain today came amid continued headlines about proposed financial support for Greece.

The dollar’s gain today also dragged down commodities. The CRB Commodity Index fell -1.1%. Oil closed -1.8% lower at $80.68 per barrel. Gold prices closed -1.8% lower at $1107.60 per ounce, while silver closed -2.2% lower at $17.03 per ounce.

Advancing Sectors: Telecom +0.4%

Declining Sectors: Materials -1.0%, Energy -0.9%, Tech -0.8%, Financials -0.7%, Consumer Discretionary -0.6%, Industrials -0.4%, Utilities -0.2%, Consumer Staples -0.1%

Unchanged: Health Care

No comments: