Down Down 150 Points Despite a Late Rally

Markets were down today, despite a late rally this afternoon which saw the market gain more than 60 points from the day's low point at lunchtime. The Dow lost -145.91 points and closed at 17,749.31. The S&P 500 and NASDAQ were both down as well. The NASDAQ lost -21.53 points and closed at 4,871.76, while the S&P 500 lost -12.55 to close at 2,053.40. In overseas trading, markets were mixed but generally up on the day. London's FTSE lost -20 points, but Japan's Nikkei surged more than 260 points and extended its growth streak to 3 days.

Oil Drops To $45 Per Barrel.
The price of oil dropped even further today, stoking fears that $50 crude might be a ceiling rather than a floor. will have more on the falling price of oil in the Weekly Market Recap, which is coming up later this evening.

Ensco Leads Energy Sector In Losses Today.  The falling price of crude oil continued to take a toll on the struggling energy sector today, driving down the share price for domestic producers even further. Ensco (ESV) was the big loser on the day, falling nearly 7% to $20.46. Transocean (RIG) also continued to fall, losing -0.67 points today and 13% this week, with share prices ending the day at $13.60. Seadrill (SDRL) also fell today, down -0.56 points to close the day's trading at $9.12 per share.

What's Happening With Avon?  Avon Products (AVP) has been in a slump lately, losing 13% over the past 5 days. Despite a surge in domestic consumer spending, Avon is reliant on a weak dollar in order to boost exports. The company has consistently hit domestic sales estimates, but the strengthening dollar is raising the cost of its cosmetics overseas and the business as a whole is suffering. Avon (AVP) dropped another -0.48 points today, and ended trading at $7.72 per share.

GameStop Gaining Again.  After a slight dip earlier in the week, GameStop (GME) is on the rise again. predicted share prices would shoot to over $40, and we were right on the money. GameStop shot up another 3.5%, or 1.38 points, to close the day at $40.70 per share.

Mall Owner Macerich Recovers After Dip.  After a successful $22.4 billion hostile takeover by Simon Property Group (SPG), Macerich (MAC) stock stalled out. Both businesses saw share prices rise in trading today. Macerich gained 2.08 points and closed at $94.39. Simon Property Group was up 0.38 points to close at $183.98 per share.

Bond Yields Up Again As The Dollar Continues To Dominate.  Worries over the Fed's coming rate hike and a falling stock market weren't enough to keep bond rates from rising. The US Dollar is outstripping all other foreign currencies, with very few exceptions, and retaining its position as the safest place to put cash over the long term. The yield on 10-year Treasury notes rose to 2.11% today, and high-yield corporate bonds were up as high as 6.16%.
Published on Mar 13, 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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