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This past week was a tumultuous week for stocks in the United States. The threat of government shut down applied negative pressure to stocks starting on Monday and intensifying through week’s end. On Monday, the market was poised for positive trending expecting to ride the momentum created by a better than expected jobs report the week prior. With little news for investors to act on and no major releases due out on the economic calendar to begin the week, the wave of momentum from last week resulted in a mixed close for the day. The Dow and S&P gained, but the Nasdaq fell short. On Tuesday, the Federal Reserve released it’s minutes from the March 15th policy meeting. The minutes confirmed that in June, as planned, the Fed will wind down it’s asset buying program and raised speculation that interest rates may be raised in the future amid rising inflation. At close the major market indexes were mixed once again. The Dow and S&P 500 were in the red. Wednesday, investors continued to position with the safe haven asset as most pondered the potential government shutdown in the United States. By this mid-week close however, the Dow. Nasdaq and S&P 500 were all green. On Thursday, stock index composites floundered downward after an aftershock quake rocked Japan and the surrounding region. Also, the Department of Labor reported that fewer Americans had applied for first time unemployment benefits the week prior. Oil continued to rise today and topped $110 per barrel. The Dow ended lower by .14 percent and finished the day at 12,409.49. The Nasdaq ended the session lower by .13 percent and finished at 2,796.14. The S&P 500 ended the session lower by .15 percent and finished the day at 1,333.51. On the final day of open trading in the U.S., the major stock index composites finished in the red. The Dow Jones ended the day lower by .24 percent to finished red at 12,380.05. The Nasdaq ended the session lower by .56 percent to post an ended day mark in the red at 2,780.42. The S&P 500 finished lower by .40 percent in the red at 1,328.17. The threat of the government shutdown loomed all day and applied negative pressure to the last open trading session of the week. After session close for the day, news spread the Congress and the President had worked out a deal to temporarily avert the government shutdown. Author: Frank Matto
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