The 1st quarter came to close today and is one for the history books. The quarter and beginning of the year started with the worst performance in history and we had a reversal off the drop of nearly 12% to close positive for the quarter, marking the best quarterly reversal since 1933. Investors are now turning their focus to the key jobs report and ISM manufacturing data that are both due out tomorrow morning. At the end of day, the major averages closed mixed:
DOW -31 at 17685
SP500 -4 at 2059
NASDAQ +.55 at 4869
10 Year Treasury closed down 4 basis points to yield 1.78%
Oil prices closed flat at 38.31 a barrel
Gold prices closed +5.50 at 1234.10 an ounce
In the days’ stock news:
- McDonald’s announced plans to add more than 1,000 restaurants in China and is searching for an investment partner in that country to aid in a smooth expansion. MCD closed +.07 at 125.89.
- Chipotle Mexican Grill has filed a trademark application for “Better Burger,” with the idea of starting a new hamburger chain. CMG closed +4.92 at 471.13.
- General Electric’s Capital unit applied to have its “SIFI” designation removed, noting that it has exited most of its bank and finance businesses and is no longer a significantly important financial institution. GE closed -.03 at 31.80.