The Dow dropped triple digits on Thursday, shedding 550 points as investors wrapped up the month of March and the first quarter of 2022. The Nasdaq and S&P 500 also dropped lower today. Tech took a hit after several analysts expressed concern over the long-term health of the PC market, while blue chips were dragged by index member Walgreens Boots Alliance's (WBA) post-earnings plummet. All three indexes managed to take home notable monthly gains but suffered steep losses for the quarter. This marks the S&P 500's first quarterly deficit since 2020.
The Dow Jones Average (DJI - 34,678.35) lost 550.5 points or 1.6% for the day. All 30 index members fell, Caterpillar (CAT) seeing the slimmest loss, dropping 0.1%, while Walgreens Boots Alliance (WBA) saw the deepest loss with a 5.7% drop. The Dow added 2.3% for the month and dropped 4.6% for the quarter.
The S&P 500 Index (SPX - 4,530.41) shed 72 points for the day or 1.6%. It added 3.6% for the month and lost nearly 5% for the quarter. Meanwhile, the Nasdaq Composite (IXIC - 14,220.52) fell 221.8 points or 1.5% in today's session. It added 3.5% in March and lost 9.1% for the quarter.
Lastly, the Cboe Market Volatility Index (VIX - 20.56) added 1.2 points or 6.4% for the day. It shed 31.8% for the month, and added 19.4% for the quarter.
OIL HITS FRESH 2-WEEK LOW
Oil plummeted to its lowest level since March 16 on Thursday, after the U.S. authorized the release of 1 million barrels of oil per day for the next six months -- marking the biggest release from the nation's Strategic Petroleum Reserve in history. Oil dated for May delivery lost $7.54 or 7%, to settle at $100.28 per barrel, though prices rose 4.8% for the month and 33% for the quarter.
Gold, on the other hand, continued to rise as the equities market sank even lower and the U.S. dollar softened. The now most active, June-dated gold contract rose $15 or 0.8%, to close at $1,954 per ounce. Prices posted a 2.8% rise in March, and a 6.9% rise for the first quarter.
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