After yesterday’s downside stunner, the markets opened mixed this morning. The DOW made a fast decline to a loss of 36 points…then it started to attract buyers and pushed irregularly higher as the day moved on. The DOW finished today with a 14 point gain, the S&P added 4 points, and the NASDAQ finished higher by 14 points, too.
The DOW was led to the upside by CAT, GS and HD, all of which were doing well yesterday before the roof caved in. Nearly every one of the 30 members were higher today with the exception of PG. The NASDAQ gained without the help of AMZN today which took a well-deserved rest after its historic run-up to record highs over the past two weeks.
Economic reports will finish with the big one tomorrow, namely the March jobs report. The current official estimate is 180,000 compared to 235,000 from the prior month. However, the 263,000 ADP estimate really has everyone in a tizzy since ADP has been off the mark so often.
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.