Sunday, March 18, 2018

Stocks Remain Under Pressure As Rate Hike Looms

With the March FOMC meeting now less than a week away (March 20-21), stocks experienced some turbulence in the lead-up to the expected 25 basis point hike in the federal funds rate.

That is likely the most important feature of the markets at this juncture, with stocks getting squeezed as bonds have apparently accepted the rate hike as a fait accompli and have stabilized, with the 10-year-note settling in the range of a 2.85% yield.

Taking the worst of it was the Dow Jones Industrial Average, which suffered another setback for the week and remains lower for the month. If the down finishes March in the red, it would be the first occurrence of two straight losing months since December 2015 and January 2016.

Dow Jones Industrial Average March Scorecard:

Date Close Gain/Loss Cum. G/L
3/1/18 24,608.98 -420.22 -420.22
3/2/18 24,538.06 -70.92 -491.14
3/5/18 24,874.76 +336.70 -154.44
3/6/18 24,884.12 +9.36 -145.08
3/7/18 24,801.36 -82.76 -227.84
3/8/18 24,895.21 +93.85 -133.99
3/9/18 25,335.74 +440.53 +306.54
3/12/18 25,178.61 -157.13 +149.41
3/13/18 25,007.03 -171.58 -22.17
3/14/18 24,758.12 -248.91 -271.08
3/15/18 24,873.66 +115.54 -155.54
3/16/18 24,946.51 +72.85 -82.69

At the Close, Friday, March 16, 2018:
Dow Jones Industrial Average: 24,946.51, +72.85 (+0.29%)
NASDAQ: 7,481.99, +0.25 (0.00%)
S&P 500: 2,752.01, +4.68 (+0.17%)
NYSE Composite: 12,784.39, +40.78 (+0.32%)

For the Week:
Dow: -389.23 (-1.54%)
NASDAQ: -78.82 (-1.04%)
S&P 500: -34.56 (-1.24%)
NYSE Composite: -134.43 (-1.04%)

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