U.S. stocks plunge after weak GDP result

U.S. Stocks Decline as Bank, Technology Shares Lead Drop

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  •  U.S. markets down after fourth quarter GDP came in at 2.6% which did not meet analyst expectations of 2.7%. Which can possibly show the U.S. economy starting to slow down.
  • U.S. initial jobless claims fell 10,000 to 311,000 in the week ended March 22 vs. expectations of 325,000.
  • The technology and bio-technology sector pulled NasDaq down with their declines today as investors pulled back.
  • Pending Home Sales fell for the eighth-straight month though came in as expected at -0.8% vs prior -0.2%.
  • The Dow Jones Industrial Average slipped 4.76 points, or less than 0.1%, to 16264.23; it had been down as much as 77.20 points and up as high as 31.95 points during Thursday’s session. The S&P 500 lost 3.52 points, or 0.2%, to 1849.04.
  • Gold declines -0.03% to $1,294.40. Oil gains +0.07% to $101.35.
  • “At the same time, many investors see stocks in the S&P 500 as somewhat expensive compared with earnings, further reducing the incentive to put new money to work.” (Kilgore 2014, Wall Street Journal)

Categories: Equity Capital Markets

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