After 5 Weeks Running US Markets “Pause To Refresh”
$WFC, $JPM, $C, $USO, $DYX
US stocks capped a 5-week winning streak Thursday with a strengthening USD weighing on commodity-related shares.
The 3 US major stock market indexes closed mostly flat on the day.
The DJIA rose 13.14 pts, or 0.08%, to 17,515.73, the S&P 500 lost 0.77 pts, or 0.04%, to 2,035.94 and the NAS Comp added 4.64 pts, or 0.1%, to finish at 4,773.51.
Stocks began to decline this week after US Fed officials raised expectations for more interest rate hikes in coming months than participants expected.
St. Louis Fed President James Bullard was the latest to join other Hawkish officials who highlighted the chance of at least 2 rate rises this year.
The possibility of more interest rate hikes pushed the US Dollar (.DXY) to a 5th day of gains, its best run since April. Crude Oil and materials sectors fell as a result.
The deadly Islamic terrorists bombing attacks in Brussels on Tuesday added to investors’ uncertainty this week.
The financial markets sector was the biggest loser, falling 0.65%.
UBS rated Wells Fargo stock a “sell,” due to a weaker revenue outlook and credit risks.
Wells Fargo (NYSE:WFC), JP Morgan Chase (NYSE:JPM), and Citigroup NYSE:C) were among the biggest drags on the S&P 500 index Thursday.
NYSE advancing issues outnumbered decliners 1,532 to 1,460, for a 1.05-to-1 ratio on the Northside; on the NAS , a 1.17-to-1 ratio favored advancers.
Volume was light on the last day of the Easter holiday-shortened week, coming in below the 8.0-B daily average in the markets for the past 20 trading days, according to the data.
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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