March 31, 2022

March 31, 2022

The Dow Jones dropped 500 points to end the worst quarter for stock in 2 years as investors anticipated an announcement from the President on the largest oil release ever from the country’s strategic petroleum reserve in an effort to mitigate spiking energy prices.

 

Dow Jones finished -550 at 34,678

S&P 500 finished -72 at 4,530

NASDAQ finished -222 at 14,220

 

The 10 Year Treasury closed down 3 basis points yielding 2.33%

Oil prices closed down $6.88 ending at $100.94 a barrel.

Gold prices closed up $2.70 ending at $1,941 an ounce.

 

In the days’ stock news:

 

  • Baidu closed down 8%. Baidu was added to the Securities and Exchange Commission’s list of U.S.-traded China stocks that could be delisted should the internet search company fail to disclose financial audits to U.S. regulators.
  • Walgreens closed down 6% after the company reported its quarterly results. Despite recording a beat on earnings, it did not raise its forecast for the year The company’s president said on its earnings call Thursday that demand for Covid testing has slowed since January, and it could take time for its healthcare investments to pay off.

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