Wall Street ends mixed, with the Dow in the green, bucking the trend

  • The S&P 500 lost 2.35 points to 2,798.36 with technology and financials dragging the index lower.
  • The Dow Jones Industrial Average actually added 14.51 points to 25,516.83. 
  • The Nasdaq Composite Index COMP, -0.07%  edged down 5.13 points to 7,637.54.

A mixed day on Wall Street saw two of the three benchmarks closing in the red, muted on the Special Counsel Robert Mueller’s probe into Russian meddling in the 2016 presidential election coming to a conclusion, but instead investors fretted over a batch of pood data and a bearish divergence in US yields, signalling that a recession could be on the cards. However, the Dow managed to end in positive territory as shares of Boeing Co. rallied after recent losses.

US yields whereby the 10-year yield is now below the 3-month bill rate

On Friday, a set of weak March purchasing-managers-index readings for Germany and the. U.S. was posting to a slow down with the U.S. data showing growth in the manufacturing sector slowed to a 21-month low in March, compounding those fears. Meanwhile, the bearish divergence in US yields whereby the 10-year yield is now below the 3-month bill rate, as well as the Fed funds effective rate of 2.41% - is pressuring global equity prices.

DJIA levels

The DJIA has been unable to sustain territory above the 26000 level having scored a high of 26109 last Tuesday and bears continue to eye the 23.6% Fibo retracement of the late Dec swing lows to late Feb swing highs at the low end of the twenty-five hundreds. This area guards a break all the way down to the 38.2% Fibo of the same range around 24400.

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