Top 3 Reasons were Flat Ahead of NCAA Championship
Markets closed flat on Wall Street: DJI +0.19% SP500 +0.03% Nasdaq -0.01% Gold +0.42% Oil +0.33%.
Today’s markets were flat because:
1) Stocks had no mojo. Now that money mangers closed their books last Friday, many are officially enjoying some spring break time with the kids. As Easter and other holidays approach, brace yourselves for boredom. Basic Materials (NYSE:XLB) had the best day with leaders such as Silver Wheaton Corp. (NYSE:SLW), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Potash Corp./Saskatchewan (NYSE:POT), and Teck Resources Limited (NYSE:TCK). Don’t Miss: The Top Exchange Traded Fund for Your Capital Goods and Industrials Investing Watchlist.
2) US Treasury Secretary Tim Geithner warned the US will hit the debt limit by May 16th. Of course, we expect lawmakers to raise the limit. Geithner’s letter to Harry Reid is full of scary language warning lawmakers of rain clouds and Armageddon should they choose not to act.
3) Oil (NYSE:USO) continues to stay in demand. $108 a barrel is going to affect energy (NYSE:XLE) prices. A few top Oil & Gas companies followed higher: Exxon Mobil (NYSE:XOM), BP (NYSE:BP), and Suncor Energy (NYSE:SU). Don’t Miss: The Top 10 Exchange Traded Funds for Your Oil Investing List.
Do you invest in technology? Check Out: Technology Investing: Google’s Trifecta, Semiconductors Get Chipped.
Now that you’re in the know, enjoy the NCAA Men’s Basketball Finals!