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Only a day after clear and transparent signals from the Federal Reserve had contributed to the rise in equities, the fear of a recession spurred bond prices and falling stock prices.
The Dow Jones Industrial Average
DJIA, -1.77%
fell 460 points, or 1.8%, to close at 25,502.32 on Friday, while the S & P 500
SPX, -1.90%
collapsed 1.9% and the Nasdaq composite index
COMP -2.50%
even worse, sliding 2.5%.
Even though he can never say he's expecting a recession, the two Federal Open Market Committee policy announcements on Wednesday – leaving the federal funds rate unchanged while planning to end the contraction of the Federal Reserve's bond portfolio at the end of September – seemed to scare investors. But on Thursday, these same announcements and the lowering of the interest rates that they implied had made it possible to raise stock prices.
The bond market sent a pre-trade signal on Friday, yielding 10-year US Treasury bonds
TMUBMUSD10Y, -3.66%
skipped 10 basis points to 2.44%. This puts it below the 2.46% yield on 3-month treasury bills
TMUBMUSD03M, -0.54%
– the first time since 2007.
Dow losers: 26 out of 30
Here's how the 30 components of the Dow Jones Industrial Average behaved Friday, ranked from worst to best:
| Business | Teleprinter | Price change – March 22 | Price change – March 21st | Price change – 2019 | Price change – 2018 |
| Nike Inc. Class B |
NKE -6.61% |
-6.6% | 1.5% | 10.9% | 18.5% |
| DowDuPont Inc. |
DWDP, -3.58% |
-3.5% | 1.7% | 0.9% | -24.9% |
| Caterpillar Inc. |
CAT, -3.20% |
-3.2% | 0.8% | 2.1% | -19.4% |
| JPMorgan Chase & Co. |
JPM, -3.02% |
-3.0% | -1.6% | 2.2% | -8.7% |
| Goldman Sachs Group Inc. |
GS -2.89% |
-2.9% | 0.1% | 13.1% | -34.4% |
| Boeing Co. |
BA, -2.83% |
-2.8% | -0.9% | 12.3% | 9.4% |
| Microsoft Corp. |
MSFT, -2.64% |
-2.6% | 2.3% | 15.2% | 18.7% |
| Intel Corp. |
INTC, -2.53% |
-2.5% | 1.5% | 13.5% | 1.7% |
| 3M Co. |
MMM, -2.36% |
-2.4% | 0.6% | 7.4% | -19.0% |
| Cisco Systems Inc. |
CSCO, -2.22% |
-2.2% | 1.3% | 21.7% | 13.1% |
| Chevron Corp. |
CLC -2.20% |
-2.2% | 0.9% | 13.1% | -13.1% |
| American Express Co. |
AXP, -2.11% |
-2.1% | 0.9% | 14.8% | -4.0% |
| Apple Inc. |
AAPL, -2.07% |
-2.1% | 3.7% | 21.1% | -6.8% |
| UnitedHealth Group Inc. |
A H, -1.96% |
-1.9% | 0.6% | -0.8% | 13.0% |
| Walgreens Boots Alliance Inc. |
WBA, -1.87% |
-1.9% | 1.3% | -8.7% | -5.9% |
| Visa Inc. Class A |
V -1.75% |
-1.8% | 1.3% | 16.0% | 15.7% |
| Exxon Mobil Corp. |
XOM, -1.60% |
-1.6% | 0.6% | 18.0% | -18.5% |
| International Business Machines Corp. |
IBM, -1.41% |
-1.4% | 1.3% | 22.7% | -25.9% |
| United Technologies Corp. |
UTX, -1.36% |
-1.3% | 1.3% | 17.6% | -16.5% |
| Pfizer Inc. |
PFE, -1.18% |
-1.2% | 0.4% | -4.1% | 20.5% |
| Johnson & Johnson |
JNJ, -0.86% |
-0.9% | 0.6% | 6.1% | -7.6% |
| Procter & Gamble Co. |
PG, -0.81% |
-0.8% | 0.8% | 10.6% | 0.0% |
| Walmart Inc. |
WMT, -0.79% |
-0.8% | 0.4% | 5.5% | -5.7% |
| Merck & Co. Inc. |
MRK, -0.80% |
-0.8% | 1.1% | 7.7% | 35.8% |
| Home Depot Inc. |
HIGH DEFINITION, -0.64% |
-0.6% | 2.1% | 9.9% | -9.3% |
| Walt Disney Co. |
DIS -0.40% |
-0.4% | -1.2% | -1.3% | 2.0% |
| McDonald's Corp. |
MCD + 0.24% |
0.2% | 0.8% | 5.2% | 3.2% |
| Travelers Companies Inc. |
TRV, + 0.39% |
0.4% | 2.3% | 12.7% | -11.7% |
| Coca-Cola Co. |
KO + 0.92% |
0.9% | 0.0% | -3.0% | 3.2% |
| Verizon Communications Inc. |
VZ + 2.52% |
2.5% | 1.1% | 6.3% | 6.2% |
| Source: FactSet | |||||
Worst actions of the S & P 500
Among companies in the S & P 500, 85% saw their shares fall Friday. Here are the 10 worst performances of the day:
| Business | Teleprinter | Price change – March 22 | Price change – March 21st | Price change – 2019 | Price change – 2018 |
| SVB Financial Group |
SIVB, -7.06% |
-7.1% | -3.5% | 11.7% | -18.8% |
| Brighthouse Financial Inc. |
BHF -6.84% |
-6.8% | 0.3% | 16.6% | -48.0% |
| United Rentals Inc. |
URI -6.80% |
-6.8% | 2.5% | 8.2% | -40.4% |
| Nike Inc. Class B |
NKE -6.61% |
-6.6% | 1.5% | 10.9% | 18.5% |
| Western Digital Corp. |
WDC -6.55% |
-6.5% | 9.8% | 30.9% | -53.5% |
| Cintas Corp. |
CTAS, -6.52% |
-6.5% | 1.4% | 15.8% | 7.8% |
| Cimarex Energy Co. |
XEC, -6.25% |
-6.3% | 0.5% | 10.1% | -49.5% |
| Regions Financial Corp. |
RF, -6.24% |
-6.2% | -3.5% | 1.1% | -22.6% |
| KeyCorp |
KEY, -6.09% |
-6.1% | -3.6% | 1.3% | -26.7% |
| Group of Affiliated Managers Inc. |
AMG -5.75% |
-5.8% | -1.7% | 1.8% | -52.5% |
| Source: FactSet | |||||
Nasdaq losers
Here are the 10 worst results of the day among the Nasdaq-100
NDX, -2.23%
:
| Business | Teleprinter | Price change – March 22 | Price change – March 21st | Price change – 2019 | Price change – 2018 |
| Western Digital Corp. |
WDC -6.55% |
-6.5% | 9.8% | 30.9% | -53.5% |
| Cintas Corp. |
CTAS, -6.52% |
-6.5% | 1.4% | 15.8% | 7.8% |
| Advanced Micro Devices Inc. |
AMD -5.45% |
-5.4% | 8.5% | 42.8% | 79.6% |
| Micron Technology Inc. |
MU, -5.39% |
-5.4% | 9.6% | 31.2% | -22.8% |
| Biogen Inc. |
BIIB, -4.48% |
-4.5% | -29.2% | -28.0% | -5.5% |
| Netflix Inc. |
NFLX, -4.46% |
-4.5% | 0.7% | 34.9% | 39.4% |
| Skyworks Solutions Inc. |
SWKS, -4.04% |
-4.0% | 5.3% | 23.2% | -29.4% |
| Align Technology Inc. |
ALGN, -3.96% |
-4.0% | 5.7% | 28.7% | -5.7% |
| NV NXP Semiconductors |
NXPI, -3.85% |
-3.8% | 3.6% | 23.7% | -37.4% |
| NetApp Inc. |
NTAP, -3.84% |
-3.8% | 2.9% | 12.0% | 7.9% |
| Source: FactSet | |||||
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