Big Selloff Drives the Dow Down 330

The Dow was down -330 points today and closed at 17,662.94. Worries over the Fed raising interest rates brought share prices down from last week's record levels. The S&P 500 fell -35.27 points to 2,044.16, and the NASDAQ dropped -82.64 points to close at 4,859.80. Markets across the world were down as well today, with London's FTSE falling as much as 2.5%. The Hang Seng in Hong Kong was down -225 points, or about 1%.

Falling Blue Chips Cause The Market To Slide.  The big money stocks were all down today, affected by worries over the impact of rising interest rates on borrowing.
3M (MMM) dipped -4.11 points to $162.26 per share. Goldman Sachs (GS) fell -5.22 points to $180.71 per share. Visa (V) fell -6.22 points to $265.20 per share.

Earnings Propel Urban Outfitters Up 13%. Better than expected earnings caused a big jump at urban Outfitters (URBN) today. The company's revenue beat last quarter's forecast by millions, and sales grew 12% year-to-year. Share prices rose 4.55 points on the news, and the stock ended trading at $44.06 per share.

Oil Has Held Steady Despite Market Volatility.  The price of oil generally holds steady even while the rest of the market moves, due to its incredible demand and massive infrastructure. That fact would typically be a safe haven for energy companies, but with crude oil prices so low the energy sector continues to lead the market in losses. Diamond Offshore (DO) is down over 13% over 5 days, and fell another -1.33 points today. Nabors Industries (NBR), another domestic driller, is down 50% over 6 months. Transocean (RIG) fell 0.23 points today, and ended trading at $14.27 per share.

Online Shopping Not Growing As Fast As Projected.  A recent report analyzing same-store sales indicates that the growth of online shopping has slowed slightly. Industry analysts ChannelAdvisor looked at SSS numbers for three stores, Amazon (AMZN), eBay (EBAY), and Google (GOOG). The analysis found that only Google has added more customers year-to-year, while Amazon dipped slightly, and the number of eBay auctions contracted by 5%.

Euro Struggles With Record Lows.  The high exchange rates that once marked a healthy Eurozone economy could be gone for years, as the Euro continues to slide against the US Dollar. The obvious difference between the two economies is employment. As the positive employment reports pile up in America, Europe is still struggling. Areas of the continent are plagued with high debt and unemployment, and those areas are slow to recover. In the meantime, the market value of the Euro is dropping steadily.
Published on Mar 10, 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 2020. Content published with author's permission.

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