Late sell off sees the market close the session lower $LEN:xnys
- Published: 28 March 2012
- Markets traded in a sideways pattern before some late market weakness saw the major indexes close lower. Despite the session weakness, stocks are still on track to post their best Q1 since 1998
- Consumer Confidence data fell from an upwardly revised 71.6 in February to 70.2 in March. The consensus was for a fall to 70.0
- Among the key sectors in the S&P, utilities were higher and energy lower
- Apple made an all time high after a broker upgrade from Thinkequity
- Home builder Lennar rallied 4.6% after it posted its strongest gains in new home orders in over three quarters
- Insurance giant AIG which was rescued by the US Government during the height of the GFC rallied 4.5% after Deutsche Bank reported that AIG may repurchase USD20 Billion of stock over the next 12 months
- DOW –0.33%, S&P500 –0.28% and NASDAQ –0.07%
- USD was stronger on the back of better economic data. AUD lower
- Gold was weaker on USD strength and Crude fluctuated on news flow
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