Wall Street Takes A Dip
Wall Street took a dip this afternoon, as investors looked to book profits in momentum's name heading into the weekend, which wiped out early gains that had pushed the S&P 500 to an intraday record high in the morning.
By Paolo Palazzi-Xirinachs
Friday, March 21, 2014 - 00:00
The Dow fell 32.59 points or 0.20% to end at 16,298.46, and the S&P 500 slipped 0.31% to finish at 1,866.26. The Nasdaq also dropped 42.498 points to 4,276.788.
US market trading were subject to swings today because of what is called a triple-witching - when futures and options contracts on indexes and individual stocks expire. The S&P 500 has advanced 1.4% this week as better-than-estimated economic data has overshadowed concern that benchmark interest rates may rise in the middle of the next year. Additional factors that influenced the markets this week, the EU extended the list of prominent Russians subject to sanctions for their part in the annexation of Crimea, while ratings companies cut the nation's outlook. The geopolitical uncertainty has introduced some skepticism in the market.
In global news, Chinese shares rallied amid speculation the government is loosening the funding restrictions for property developers and banks to support growth. The Shanghai Composite Index climbed 2.7%, it's biggest gain in four months. Russia's Micex Index fell and the yield on government bonds due February 2007 jumped 12 basis points to 9.42%. The European Union signed an accord with Ukraine and expanded sanctions, amid the worst standoff between Russia and the West since the Cold War. S&P and Fitch Ratings cut Russia's credit outlook to negative. President Obama yesterday authorized potential future penalties on Russian industries including financial services, energy, metals and mining, defense and engineering.
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