Markets Plummet 280 Points On Fears of a Rate Hike

The Dow was down big in trading today, losing -278.94 points and dipping below 18,000 for the first time in over a week. It ended the day at 17,856.78. The N&P 500 and NASDAQ were both down as well, with the S&P 500 losing -29.78 points and the NASDAQ dropping -55.44. In overseas trading, Hong Kong's Hang Seng stopped bleeding and lost only -29.01 points, after a very tough week that has seen the exchange shed over -600 points. Japan's Nikkei was up 221.72 to close at 18,971.00. Fears Over Interest Rates Drive Stocks Down.
One of the biggest reasons for the losses in the markets today was a sense of fear over the coming rate hike from the Fed. February's unemployment numbers were better than expected, causing investors to speculate that the Fed could end up raising rates sooner than expected. will have more on this story in our Weekly Market Roundup, coming later this evening. Bank of America Up On Passed Test.  Bank of America (BAC) saw a 1.37%, or $0.22, increase in share price today, after they announced that they had passed a key test issued by the Fed. Bank of America closed at $16.22 per share. Gold Drops Over $30 On The Way To TTM Lows.  Gold closed down $31.90 today, getting close to setting a new record low over the past twelve trailing months. It ended the day priced at $1,164.30 per troy ounce, close to the $1,142.47 bottom that was set in the first few days of November. Financial Companies Make Gains Despite The Market.  In a day of heavy market losses, the financial services sector, along with a few banks, went against the grain. The bank Comerica (CMA) was up 1.12 points to $47.10 per share. Prudential Financial (PRU) gained almost 2 points and closed at $82.60. E-Trade Financial Group (ETFC) gained 3.26%, or 0.88 points, to finish trading at $27.85 per share. Finally, Charles Schwab Corp (SCHW) added 2.75% and closed the day's trading at $31.04 per share. McDonald's Down $2 Over Concerns About Profitability.  Fast food giant McDonald's (MCD) saw a $2 dip in share price today on news that they are moving their poultry suppliers away from using antibiotics. The medicine, which helps to promote fast growth and fight disease, has been under fire for contributing to antibiotic resistant diseases. Wall Street is concerned that this latest move will drive McDonald's poultry prices up and reduce profitability. McDonald's (MCD) closed at $97.13 per share. Fossil Group Dips Over Earnings-Related Selloff.   Fossil Group (FOSL) an American manufacturer of watches, clothing, and other accessories, has seen share prices fall after missing Q4 earnings forecasts. The stock, which was downgraded to Strong Sell, has been plunging ever since. It lost -4.54 points today, and ended trading at $81.13 per share.  
Published on Mar 6, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

Posted in ...