The Dow closed down -136.99 (-1.05%) at 12,849.59. The S&P 500, Nasdaq and Russell 2000 were all down too.
Following a two-day rally, markets closed lower for a second straight week with the worst declines of the year. Yeah!
Sorry, I have been waiting for a sell-off to put money back to work that I collected at some recent high points. I’m wanting to put dollars into emerging markets fund ODVYX. So far, it has held up well, but I bet it caves all at once versus the slow bleed that my other fund (PSVIX) has done. Anyway, back to the Dow.
For the week, DJIA is down -1.6%, Nasdaq -2.2%, S&P 500 -2.0% and Russell 2000 -2.7%.
Year-to-date DJIA is up +5.2%, Nasdaq +15.6% (thanks to Apple), S&P 500 +9.0% and Russell 2000 +7.5%.
At the start of the week,stocks headed sharply lower on the ugly March jobs report and fresh worries about Europe’s debt crisis. Stocks then rebounded a bit toward the middle of the week, but fell sharply again today (Friday) as a slowdown in China’s economy overshadowed a batch of better-than-expected earnings results.
JPMorgan Chase (JPM) posted earnings of $1.31 a share, which were lower from a year ago, but above analyst estimates of $1.17. JPM’s shares dipped more than 3% today, despite the first-quarter earnings and revenue beat.
Wells Fargo (WFC) topped expectations, reporting earnings of 75 cents a share on $21.6 billion in revenue and the bank’s stock also fell.
European stocks closed mixed while Asian markets ended higher.
The dollar was up against the euro and British pound, but fell versus the Japanese yen.
Oil for May delivery fell 81 cents to settle at $102.83 a barrel.
Gold futures for April delivery lost $20.40 to settle at $1,659.10 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 2%, from 2.05% late Thursday.
New High of the Day – Gartner (IT).