Dow Posts Another Triple Digit Loss
Stocks continued to sell off in
Friday’s session, marking the Dow’s worst weekly drop in four
years. After opening lower and moving back up to the
flatline, the Dow slid 120 points to close at the lows of the day.
Gold stocks posted some
particularly steep losses as a steep decline by the price of gold
has generated selling pressure. Gold for April delivery closed
down $21 at $644.10 an ounce, falling $42.60 an ounce or 6.2
percent for the week.
Crude for April delivery
fell $0.10 to $61.90 a barrel on the New York Mercantile Exchange,
as traders eyed the stock market and after oil made its biggest
gain in more than two months on worries over tightening gasoline
supplies.
Around Europe, France’s CAC
40 index slipped 0.62% to 5,424.70 and Germany’s DAX index fell
0.56% to 6,603.32, while the U.K.’s FTSE 100 index rose 0.20% to
6,116.20.
Our
Daily Market Bias page has been updated with new indicators to
determine if there is a strong bias for the market to move higher
(or lower) the following day. These tables can help you to
pinpoint market conditions that have historically led to
significant up or down moves over the next 1 to 5 days.
Click here for more information on our Daily Market Bias
indicators.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com