Today was another day of fairly narrow price movements. After a steady to higher opening and a dip for the DOW of 23 points at mid-morning, the market turned around again to the upside on today’s quarterly options expiration series. In the end, the DOW lost 19 points today, the S&P fell 3, and the NASDAQ managed a fractional gain to keep its head above the 5,900 level. 

Strength came from the telecommunications sector and some positivity from technology. ADBE had a gain of 4% after its report and others in this group did well including ISRG, NVDA and MSFT. On the other hand, the formerly strong financial group was lower again on a decline in bond yields. The 10-year Treasury Note was down to 2.49%. This also helped the utilities which were weak yesterday on a rise in yields.

There were some economic reports out today such as the industrial production for February. It came in unchanged versus the expectation for a slight rise. This could be a function of lower utility output due to the warmer than expected weather last month. The preliminary March University of Michigan Consumer Sentiment Survey rose as the current conditions component rose to its highest level in 16 years.

Crude oil was idle at $49 a barrel and gold ended at $1,229 after a tremendous gain this week. 

Donald M. Selkin

These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning.  The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report.  This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities.  This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm.   This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author.  These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.