On this “leap day” February 29, 2016 markets did not get the positive jump they were hoping for on this first day of the new trading week. Bucking what has been the recent trend of “low oil equals low markets,” Wall Street suffered losses despite the fact that oil saw a rise in price of a barrel of crude. Oil closed up 97 cents, or 3% percent, at $33.75 a barrel. The Dow Jones industrial average briefly fell more than 100 points with Home Depot and UnitedHealth the biggest losers. In losing 32 points today the NASDAQ has now suffered it’s first 3 month losing streak since 2011.
Meantime, former U.S. Republican congressman and two-time GOP Presidential candidate Ron Paul told CNBC this weekend that the Federal Reserve has been propping up markets, and the U.S. economy has already entered a recession which is going to get worse. Watch below.
Here are the final numbers from Monday, 2/29/16 on Wall Street
Dow Jones Industrial Average: 16,516.50 (-123.47 / -0.74 %)
NASDAQ: 4,557.95 (-32.52 / -0.71 %)
S&P 500: 1,932.23 (-15.82 / -0.81 %)