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Oil reportedly advanced while gold slipped, as U.S. stocks fluctuated following yesterday’s biggest drop in a month, according to Bloomberg News. Some of the speculative parts of the market have been selling off. If you own a stock and the reason you own it is it’s going up and it stops going up, there’s no reason to own it,” says director of research at Fenimore Asset Management in Cobleskill, New York, John Fox, according to Bloomberg News, Fox said by phone that “People are reducing their risk portfolios a little bit.”
President Barack Obama warned that the crisis in Ukraine may escalate and Bloomberg reported that the S&P 500 slid 0.7 percent. Applications for unemployment benefits declined last week to an almost four-month low. Some of the larger losses have occurred in technology companies that sold shares to the public in the last few years. Facebook Inc. has declined 11 percent in March. The Dow Jones Internet Composite Index of 40 companies has lost 8.2 percent this month. Reports showed that gross domestic product grew slower than analysts had predicted in the fourth quarter.
Senior equity strategist at U.S. Bank Wealth Management, Jim Russell said, according to Yahoo Finance that the market’s expectations and pricing had already begun to reflect the assumption that Crimea will end up with Russia. Cameron Hinds, the Lincoln, Nebraska-based regional chief investment officer for Wells Fargo Private Bank, reported by phone that “There was no huge, market-moving information. GDP was slightly below, while claims numbers were a little bit more of a positive. It looks like we’re trending in the right direction from an economic standpoint.”
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Image credit: www.futuresmag.com
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