U.S. stocks fall due to Ukraine tension; weak China

U.S. Stocks Retreat, Treasuries Climb on Ukraine, China

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  • U.S. stocks rallied in the morning as stocks were boosted by positive economic data showed retail sales for February rose 0.3% on the month, slightly topping expectations. Excluding autos, sales grew 0.3%, also beating expectations. Initial claims for jobless benefits in the latest week fell by 9,000, more than expected, to 315,000.
  • Later in the evening U.S. stocks erased morning gains as uncertainty spread in the market as Russian-Ukraine tension grew, investors grew discouraged and started to sell-off.
  • Figures overnight showed Chinese industrial output in January-February rose 8.6% from a year earlier but was down from 9.7% in December. Retail sales for the same period were also higher, but failed to meet expectations.
  • The Dow Jones Industrial Average plummeted 230 points, or 1.4%, to 16,110.08, while the S&P 500 dropped 1.2% to 1,846.35. The Nasdaq slumped 1.5% to 4,260.42.
  • Gold rose for a fourth day on Thursday, hovering around six-month high, around $1374.05 an ounce up +.30%
  • Crude Oil is down -0.13% to 98.11 a barrel.

Categories: Equity Capital Markets

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