The opening bell, piercing thh 26,000. It seemed like the he will rally was entering a new phase. But then a turn. And then a collapse. The rally was no more. The indexes turned negative. And when the closing bell rang, the dow swung nearly 400 points in total, its biggest reversal in yearly two years. At the close, the Dow Jones Industrial average fell ten points to 25,792. The nasdaq was off 37, and the s p 500 drope wild day was a he scratcher. Bob watched from the new york at it a color coaster ride for the markets with the cow opening at a new record of 26,000. But shortly after that milestone, with the dow up 283 points in the middle of the morning, investors just seemed to lose interest and the markets drifted lower into the afternoon with the dow ending fractionally negative. What happened . Shutdowns later on. Up y but for most traders the markets reached such lofty levels it was logical to take profits. You cant blame them for thinking this way. Much of the early rally was fu
Chunk of its most recent losses, thanksn part to todays nearly 400point gain on the dow. Concerns over Rising Interest Rates he taken a backseat, as investors refocus on Global Growth and corporate profits. Today the Dow Jones Industrial average advanced 399 points to l 25,7 by financial and technology shares. The nasdaq added 84 and the s p 500 was up 32. Bob pisani has more on the days rally on wall street. H the dow up over 200 points at the opening, closing up almost 400 points. Last week, stocks started strong atery day, but faded late in the day. Egan to reverse on friday, when stocks closed at their ed today. It conti this week was all about fed chairmans jay powells testimony o congressue onay and thursday, but the markets are telegraphing theyre not concerned hell be skroefrly aggressive about raising rates. The markets are very different in the lastrewo weeks com to the first two weeks, when stocks dropped about 10 in earlyebruary on concerns about higher Interest Rates, part
U. S. Equity futures at this hour have been a bit weak in the for the morning. You know what . Just the dow futures. That might have something to do with what becky is going to tell you about. The s p is actually up a point. The nasdaq is up about four. The nasdaq had some rough sledding lately. The dow is the index down today. Down about 21 points. Crude prices coming off a loss of about 5 . Wti posting the lowest close since november. Joe, i ae lewd eluded to it. Its sitting there at one price, then a totally different price. You think it has to do with the world we live in now . Absolutely. At 11 20 p. M. , oil is trading 45. 25 and the next hour 43. 76. How does that happen . Were the world is chasing alpha, when the quantitative models see an opportunity, which they see in oil, thats where all the activity is. It wasnt an overweight trader with fat fingers . No, and not pure fundamentals. Fundamentals are deteriorating for oil. It is seeing the opportunity, lowvol world. You go ar
Seaberg, great to have you with us. Eric, riddle me this. What has changed and why today do we feel so great of a fed rate hike . I have no idea. I think, you know, were going to be in a cheap market here for the foreseeable future just because of all the uncertainty surrounding Interest Rates, Consumer Spending and Political Uncertainty here and in europe and while this frustrating sideways market may be difficult to navigate were still finding opportunities in the hodges small cap fund. Where . Were really looking at some areas such as some of the nonenergy companies that have been beat down over the last six months by oil prices, Something Like a Legacy Texas Bank share which is a bank that we think is very attractively valued here. The perception of Energy Exposure is not as great or the reality isnt as great as the perception in this stock and we think its created an opportunity for investors. Other areas that we like are areas tied to infrastructure spending, like Eagle Materials
The olympic winter games kick off in sochi in southern russia. They are russia toss firstever winter games, and they are president Vladimir Putins pet project. Building the infrastructure costs roughly 40 billion euros. The idea is to establish sochi as a Winter Sports hub, but the citys geographical location might hamper that plan. Its not far away from the northern caucasus, an islamist suicide bombers from the region have been carrying out terrorist attacks all across russia or years. Thats why the organizers of the sochi Olympic Games are stepping up security even further. Click the mountains surrounding sochi have been turned into a highsecurity zone. Tens of thousands of soldiers and police are on duty. Security cameras are everywhere in the city. Fears of a terrorist attack are high. But most of sochis residents have other worries. This family used to live from there vegetable garden and fruit trees. Sochis unique subtropical climate provides excellent growing conditions, but wh