Benchmarks Notch Weekly Losses; Gold Charges Higher

Stocks finished the week mixed, with the blue-chip index losing triple digits following the U.S. Federal Reserve's decision to end a pandemic-era capital break rule for banks. The decision sent bond yields surging again -- hovering near their 14-month high above 1.75% -- and led to a sell-off in the financial sector. JPMorgan (JPM), Wells Fargo (WFC), and Bank of America (BAC) in particular lost big, each shedding over 3%, while Goldman Sachs (GS) fell around 1.5%.

As a result, the Dow fell 234 points, the S&P 500 finished relatively flat, and the Nasdaq notched a win. Further, the major indexes all logged weekly losses, with the IXIC locking in a particularly dismal week, as soaring bond yields sent investors scurrying away from high-flying tech stocks. 

The Dow Jones Industrial Average (DJI - 32,627.97) fell 234.3 points, or 0.7% for the day, and 0.5% on the week. Home Depot (HD) topped the list of Dow components with a 2.1% rise, while Visa (V) fell 6.2% to pace the laggards.

Meanwhile, the S&P 500 Index (SPX - 3,886.75lost 2.4 points or 0.06% for the day. The Nasdaq Composite (IXIC - 13,215.24added 99.1 points, or 0.8% for the day. The indexes each lost 0.8% for the week.

Lastly, the Cboe Volatility Index (VIX - 20.95) fell 0.6 points or 2.9% for the day but rose 1.3% on the week.

Closing Summary 0319

nyse nasdaq 0319

Earnings 0319



Oil snapped a five-day losing streak to close out the Friday with a win, amid renewed lockdown measures in Europe. Tensions also rose in Saudi Arabia after a crude facility was attacked by drones. In response, May-dated crude added $1.38, or 2.3%, to settle at $61.44 per barrel for the day, but shed 6.4% for the week -- its largest weekly drop since October.

Gold prices rose to a three-week high on Friday, as U.S. Treasury yields remained in focus and the Fed stayed dovish. The precious metal also locked in a second straight weekly win. As a result, April-dated gold tacked on $9.20, or 0.5%, to settle at $1,741.70 an ounce on the day, and up 1.3% for the week.  

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.