This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow Sells Off as Investors Bet on Weekend Crimea Split

NEW YORK (TheStreet) -- U.S. markets stumbled in afternoon trading to close lower as traders bet that Crimea would choose to split from Ukraine.

Also influencing the cautious investor stance was a decline in producer prices and disappointing consumer confidence report on Friday.

  • The Producer Price Index for February fell 0.1%, compared to expectations of a 0.2% increase. U.S. consumer confidence dropped to a four-month low in March, suggesting household spending remained sluggish after poor weather earlier this year. The Thomson Reuters/University of Michigan preliminary index of sentiment fell to 79.9 this month from 81.6 in February.
  • The Dow Jones Industrial Average closed down 0.27% to 16,065.67, while the S&P 500 lost 0.28% to 1,841.13. The Nasdaq dropped 0.35% to 4,245.40. The Dow, S&P and Nasdaq for the week tumbled 2.35%, 1.97% and 1.43%, respectively.
  • Investors were cautious heading into the weekend as the referendum in Crimea on Sunday will determine whether Crimea joins Russia and risks heightened tensions. Western leaders are declaring that the referendum is illegal and have warned Russia that it will be isolated further and be subject to possible sanctions. Russian President Vladimir Putin is reportedly preparing to invade eastern Ukraine, Estonian Defense Minister Urmas Reinsalu said in an e-mailed statement.
  • International markets were in the red on Friday amid concerns of geopolitical risk. The FTSE 100 in London closed down 0.39%, the DAX in Germany increased 0.42%, the Hong Kong Hang Seng settled behind by 1%, and the Nikkei 225 in Japan declined 3.3%.
  • Top gainers included GameStop (GME - Get Report), up 5%, and Allegheny Technologies (ATI), which rose 3.2%.
  • Celgene (CELG - Get Report) was the worst performer on the S&P, dropping 4.2%.
  • Aeropostale (ARO - Get Report) tumbled 20.1% after posting a wider-than-expected fourth-quarter loss of 35 cents a share as revenue disappointed and same-store sales fell 15%.
  • General Mills (GIS - Get Report) slid 2.4% after reporting preliminary third-quarter earnings that were below analysts' expectations.
  • General Motors (GM - Get Report) was off 0.89% despite the Center for Auto Safety reporting that 303 deaths occurred after airbags failed to deploy inside vehicles included among the 1.6 million cars recalled by GM in February.

-- Written by Jane Searle, Andrea Tse and Joe Deaux in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ARO $0.15 290.00%
CELG $108.03 1.77%
GM $32.44 0.87%
GME $32.90 -1.40%
GIS $61.26 0.21%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs