Below are the individual market summaries for each day of this past week ending 4/1/22. This will be the last time I do a weekly update. It is obvious it is not working to be publishing a list of summaries only once per week. I don't know if I will succeed or not but, starting tomorrow, I will endeavor to return to the original format and begin publishing my summaries on a daily basis. My views have fallen drastically since I started this weekly format a month ago so let's see if returning to daily revives things. I've discovered it really isn't any more time or work to do daily and may even be easier. We'll see. Hope everyone had a great weekend. Hope to be online again tomorrow.
Mon March 28,
2022 4:21 PM
S&P
500 climbs for third straight day as Tesla leads
A third
day up for the Dow and S&P with a sharp jump in Tesla overshadowing other
issues. The bond yield curve inverted ever so briefly during the session which
raised immediate concerns about Fed policy triggering recession. But strong
economic data still makes value stocks a relative bargain. Volume remains below
average at 11.2 billion.
DJ: 34,861.24 +153.30 NAS: 14,169.30
-22.54 S&P: 4,543.06
+22.90 3/25
DJ: 34,955.89 +94.65 NAS: 14,354.90 +185.60 S&P: 4,575.52
+32.46 3/28
Tue March 29, 2022 4:16 PM
Wall
Street rallies on hopes Russia, Ukraine can resolve conflict
Another
big up day for all three indexes as the market grasps even questionable
progress in Ukraine, progress that eased the price of oil and other commodities
and helped calm inflation concerns. The S&P which earlier this year had
fallen into correction territory is now down only 3% and the Fed tightening is
not expected to happen quickly. Consumer
confidence is up, market nervousness down.
Volume rose considerably, today just a tad below recent averages at 13.2
billion.
DJ: 34,955.89 +94.65 NAS: 14,354.90
+185.60 S&P: 4,575.52
+32.46 3/28
DJ: 35,294.19 +338.30 NAS: 14,619.64 +264.73 S&P: 4,631.60
+56.08 3/29
Wed March 30,
2022 4:16 PM
Dow,
S&P close lower after 4 days of gains as Russia bombs Ukraine
The Dow
down some 300 points from its early morning high as late as 3:30 before a
dramatic rebound bringing it to close down just 65 points. It was the first
down day in five sessions as Russian bombing of Ukraine scaled back optimism
over peace talks. The market is on track for its lowest Q1 in two years. Lower energy prices is the key to market
revival and a resolution in Ukraine is the key to lower energy prices. Still,
the labor market remains strong with 455k new jobs last month. Volume sunk again,
today at 11.7 billion.
DJ: 35,294.19 +338.30 NAS: 14,619.64
+264.73 S&P: 4,631.60
+56.08 3/29
DJ: 35,228.81 -65.38 NAS: 14,442.27 -177.36 S&P: 4,602.45
-29.15 3/30
Thu March 31,
2022 4:20 PM
Wall
Street falls as S&P suffers biggest quarterly drop in two years
Dow pretty
consistently about a hundred points down all day long until about 3:30 when it
cratered and suddenly closed down another 450 points. What happened in that last half hour? Could it have been when Putin halted the
Russian gas contracts to Europe? (Pardon
me, but didn’t he do that already several days ago?) The combo on that was that consumer price
data, though it barely rose and was still quite in line with expectations, was
nonetheless taken by the market as a sign of worse times ahead. As usual and as happens every month at this
time, all eyes will be on Friday’s jobs report for continuing labor market
strength and hints on future Fed policy regarding inflation. (Let’s hope that April Fools brings a
pleasant surprise by way of another rally.)
Volume is still below the 4-week average 12.1 billion.
DJ: 35,228.81 -65.38 NAS: 14,442.27
-177.36 S&P: 4,602.45
-29.15 3/30
DJ: 34,678.35 -550.46 NAS: 14,220.52 -221.76 S&P: 4,530.41
-72.04 3/31
Fri April 1, 2022 4:18 PM
Wall
St posts modest gains as jobs report keeps Fed hikes on track
The Dow
down some 140 points around noon but then rebounded to make up the entire loss
by 2 pm and then up another 140 by close.
So today’s big April Fools surprise was that the market was tanking
because the jobs report showing 431K new jobs when 490K was the estimate and
then suddenly at 2 pm Wall Street said, “Didn’t really mean it. April Fools!” and the Dow shot up 300
points. With all the positive economic
data, the 72% assumption now is that the Fed will do a ½ point rate hike in May
and likely more before the end of the year. The Fed does not see these ½ point
hikes as being any big risk to the economy.
The infamous yield curve inverted three times this week, which has often
been a harbinger of recession. However last year’s yield curve inversion was
not followed by recession and, in historical perspective, it’s really a flip of
the coin. Q1 saw the biggest decline
since the initial depths of the pandemic but March saw a strong 3.6% rebound
and April has historically been a strong month.
Volume remains below average at 11.4 billion.
DJ: 34,678.35 -550.46 NAS: 14,220.52
-221.76 S&P: 4,530.41
-72.04 3/31
DJ: 34,818.27 +139.92 NAS: 14,261.50 +40.98 S&P: 4,545.86
+15.45 4/1
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