Below find the daily market summaries for each day March 21-25th.
Mon March 21, 2022 4:29 PM
Wall
Street slips after Powell's hawkish remarks
By Stephen Culp
Dow dropped
a hundred by around noon, then after Powell remarks dropped another hundred
until close. That’s all it took was a
few hawkish remarks merely hinting at more aggressive rate hikes to make the
indexes drop like a rock ending four consecutive winning sessions. Powell was
simply talking about moving “expeditiously” to curb inflation. But the market
is jumping the gun and already forecasting a full half-point hike for May. Volume remains quite vigorous but a little
below average at 12.8 billion.
DJ: 34,754.93 +274.17 NAS: 13,893.84
+279.06 S&P: 4,463.12
+51.45 3/18
DJ: 34,552.99 -201.94 NAS: 13,838.46 -55.38 S&P: 4,461.18
-1.94 3/21
Tue March 22,
2022 5:39 PM
Wall
St gains, with tech, growth shares in the lead
Today was
a big rebound day, especially for the big growth names. And with the 10 year
notes going to nearly 2.4%, the bank index zoomed a big 2.5%. But yesterday’s fear of more rate hikes lead
to today’s optimism that they would boost bank profits. The consensus is that
the sellers have now been washed out and that “maybe the worst is over,”
further supported by continuing good economic and earnings reports. Volume continues vigorously at 12.1
billion.
DJ: 34,552.99 -201.94 NAS: 13,838.46
-55.38 S&P: 4,461.18
-1.94 3/21
DJ: 34,807.46 +254.47 NAS: 14,108.82 +270.36 S&P: 4,511.61
+50.43 3/22
Wed March 23,
2022 4:56 PM
Wall
St drops as oil rally, Russia-Ukraine conflict fuel worries
It took a
few days but Ukraine has taken center stage again with its impact on oil prices
sending the market down again, big time for the Dow losing nearly 450 points.
Oil prices have rallied a good 5% but that is a negative for consumers and many
businesses. The consensus: “There needs to be a resolutionwith Russia.
That’s holding the market back.” Good
luck with that. Volume was a little lower than usual at 11.7 billion.
DJ: 34,807.46 +254.47 NAS: 14,108.82
+270.36 S&P: 4,511.61
+50.43 3/22
DJ: 34,358.50 -448.96 NAS: 13,922.60 -186.21 S&P: 4,456.24
-55.37 3/23
Thu March 24,
2022 6:59 PM
Wall
St resumes rally, led by Nasdaq as chipmakers soar
As these
things often go, a big down day is followed by a big up day as beaten down
chipmakers and growth names get snapped up by investors. After the big dips,
the buyers are saying “this is a good entry point.” Another big plus was
jobless claims dropping to a 52 year low as unemployment continues to
fall. Volume continues a little lower
than average at 11 billion.
DJ: 34,358.50 -448.96 NAS: 13,922.60
-186.21 S&P: 4,456.24
-55.37 3/23
DJ: 34,707.94 +349.44 NAS: 14,191.84 +269.24 S&P: 4,520.16
+63.92 3/24
Fri March 25,
2022 5:04 PM
S&P
500 ends higher with financials as Treasury yields jump
With
Treasury yields hitting a three year high, stocks took a hit, the Nasdaq an
especially big hit, but a late session rally brought the S&P and Nasdaq to
about break-even. Investors are wrestling with what future Fed policy might
bring. Higher rates are good for banks but bad for tech and growth. Where do
you place your bets? There remains the expectation that there will be four
half-point hikes in the remainder of the year and Ukraine is causing investors
to favor defensive stocks like utilities which were up 3.5% this week. Volume was 11.9 billion, still below the
4-week average.
DJ: 34,707.94 +349.44 NAS: 14,191.84
+269.24 S&P: 4,520.16
+63.92 3/24
DJ: 34,861.24 +153.30 NAS: 14,169.30 -22.54 S&P: 4,543.06
+22.90 3/25
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