Stock Market Recap for 3/9-3/13

Again, volatility was the name of the game on Wall Street this week. The market primarily followed the value of the U.S. dollar and the price of oil, both of which experienced wild swings in both directions. By the end of the week, all 2015 gains on the Dow and S&P 500 had been wiped out, as both indices turned slightly negative for the year!

Monday stocks went up, recovering from the previous Friday’s 280-point drop. Concerns lingered over an interest rate hike, but investors were encouraged by the commencement of Europe’s bond-buying “quantitative easing” program. For the day, the Dow went up 138 points.

Tuesday the volatility continued as market took a sharp downturn along with oil prices. U.S. crude fell under $50 dollars per barrel on the same morning that Goldman Sachs released a statement predicting a fall to $40 dollars a barrel in the near future. Prices struggled throughout the day, falling 3.5% in total. All market gains for 2015 on the Dow and S&P were wiped out on this day, as the Dow closed down 332 points for the day.

Wednesday markets attempted to rally, but were stymied by the continued growing strength of the dollar. Remember, in the “up-is-down, left-is-right” world of Wall Street, a strong dollar is a BAD thing! The Euro slid to $1.05 against the dollar—its lowest level in 12 years! All in all, it was a quiet day for stocks as the Dow went down 27 points.

Thursday markets reacted to lower jobless claims numbers, which were down about 10% from last week. In addition, the Euro stabilized against the dollar, lowering fears in that area. It was a bounce back day for stocks as the Dow gained 259 points.

Friday, however, the dollar surged again while crude oil prices resumed their fall. The Euro fell to below $1.05 against the dollar, while crude oil closed around $45 a barrel. Consumer sentiment dropped four points for the months as well. It spelled bad news for the markets, as the Dow closed 145 points on the day.

U.S. stocks were higher on Thursday, as the market attempted to recover from a rough stretch that has wiped out all 2015 gains in the major indexes.

In the past four days, the Dow shed 500 points, while the S&P 500 tumbled almost 4% from its all-time high just 10 days ago.

Investors continue to watch the ongoing growth of the U.S. dollar. The dollar index hit a 12-year high on Thursday, while the Euro’s downturn continued. It’s possible that markets worldwide are beginning to see the negative consequences of quantitative easing programs.

On the data side, retail sales came in at -0.6% for February. The number disappointed experts, who’d predicted a slight increase. Jobless claims came in at 289,000, about 10% less than last week’s 320,000.

As of 3:30 p.m., here are the numbers from Wall Street:

Dow Jones Industrial Average: 17,895.28 (+259.89)

NASDAQ: 4,893.29 (+43.35)

S&P 500: 2,065.95 (+25.71) 

Stocks were sharply lower on Tuesday, as another dip in oil prices concerned investors.

Brent crude prices fell almost 4 percent in early trading Tuesday, while U.S. crude prices dropped below $50 per barrel yet again with a drop of 3.4%. Adding to concerns was the fact that the price change came less than a day after Goldman Sachs announced projections that showed U.S. crude dropping to $40 a barrel in the near future.

Moreover, the strength of the dollar has traders concerned, as the Euro fell below $1.08 against the U.S. dollar–the lowest since 2004.

Tuesday restarts the flow of data, including the wholesale inventories figures for January. This figure is expected to fall for the first time since May of 2014.

Monday was something of a bounce-back day for Wall Street, as the markets recovered about half their losses from Friday’s bloodbath. The Friday drop was attributed to renewed fears of an interest rate hike.

Here are the final numbers from Wall Street on Tuesday:

Dow Jones Industrial Average: 17,662.94 (-332.78)

NASDAQ: 4,859.80 (-82.64)

S&P 500: 2,044.18 (-35.25)

U.S. stocks moved forward to open the week on Monday, as investor sentiment rebounded from over the better-than-expected jobs report from Friday. Many believed the report will play a considerable role in leading to an interest rate hike.

An increasing number of experts called for a June rates hike following the report, which saw 295,000 new jobs created in February. This was far better than the expected 240,000, and also outpaced January’s figure of 257,000.

In the often-confusing culture of Wall Street, this report—hailed as good news everywhere else—led to fear and selling, as the Dow dropped 278 points on Friday in the wake of the report.

Elsewhere this week, it’ll be relatively quiet on the data side. Perhaps the big news of the week comes today across the Atlantic, where the European Central Bank will launch its bond buying program—expected to last the rest of this year and well into 2016.

As of 2 p.m. Monday, here are the starting numbers from Wall Street:

Dow Jones Industrial Average: 18,015.56 (+158.78)

NASDAQ: 4,942.96 (+15.59)

S&P 500: 2,081.10 (+9.84)

Stocks prices stayed relatively flat Thursday, as investors prepared for tomorrow’s jobs report—the data highlight of the week and often, the information that sets the tone for the month.

Yesterday, stocks suffered a second consecutive losing day after a payrolls report—often seen as a precursor to the jobs report—showed only 212,000 new jobs created in February. Not only was this figure lower than expected, it was the lowest number overall since August of last year.

Even a strong day for oil prices—U.S. crude reached the $50 per barrel marker—could save the Dow and S&P from posting losses for the second consecutive session, after each index set an all-time high on Monday.

Perhaps the highlight of the Thursday session was an announcement from the European Central Bank. The ECB confirmed that the region’s bond-buying program would commence this coming Monday. ECB President Mario Draghi estimated the program would last approximately 18 months.

As of 2 p.m., here are Thursday’s numbers on Wall Street:

Dow Jones Industrial Average: 18,116.18 (+19.28)

NASDAQ: 4,977.15 (+10.01)

S&P 500: 2,099.67 (+1.14)

U.S. stocks were lower in trading Wednesday, as a busy day for data took shape for investors.

This morning, the ADP private payrolls report showed a gain of 212,000 jobs in February. Not only did this number fail to meet expectations, it was the lowest figure in six months. This report is viewed as a precursor to Friday’s labor market report. Experts had predicted a number around 215,000-220,000 jobs created in February—still well below the 257,000 jobs created in January.

Later in the day, investors considered ISM non-manufacturing data, which came in around expectations, and the Federal Reserve’s Beige Book on the economy. The Beige Book showed mixed reports from separate regions of the country.

Overseas, European investors continue to await word from a European Central Bank policy meeting. Many expect more details will be forthcoming on the launch of the Euro zone bond-buying program.

As of 3:45 p.m., these are the numbers from Wall Street:

Dow Jones Industrial Average: 18,096.90 (-106.47)

NASDAQ: 4,967.14 (-12.76)

S&P 500: 2,098.53 (-9.25)