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Stocks opened lower and investors were hunkering down expecting the worst before the FOMC policy statement was released. Upon the announcement, a triple digit loss in the Dow turned into a 227-point gain. After the announcement, Janet Yellen held a press conference and pushed all of the right buttons as stocks held onto those gains into the close.
Once again we saw a wildly mixed bag for stocks on Tuesday. The Dow lost a stiff 128-points (-0.7%) on the day but small caps and the Nasdaq were each up about 0.2%, and the other indices were somewhere in between the two. Oil was down again breaking to new lows and concerns about the recent strength in the dollar was likely the reason for the disparity in stocks.
Happy St. Patrick's Day!
If you like a good come-back story, this one started on Friday - despite the 145-point decline - when the bulls finally started to do some buying in late afternoon trading when the Dow was down about 300-points. The come-back was completed on Monday as the Dow rocketed to a 228-point gain completely erasing last week's losses. The difference between a ball game and the market is, the game doesn't end for the market. It continues
In the spirit of the NCAA basketball tournament, a comeback by the bulls came up short on Friday with the bears winning the first 3 quarters of the game on Friday, and the bulls winning the 4th quarter. Unfortunately for the bulls, they had fallen so far behind that their 4th quarter run wasn't enough and the Dow ended the day down 146-points. The losses were modest in the broader indices.
Stocks found their footing on Thursday as they opened higher and never looked back. The Dow gained 260-points as the bears stepped aside and let the bulls do their thing. As you will see in the charts below, it's not always as easy as a day like Thursday makes it look.