Indices closed in the red zone on Monday, as the Utilities and Energy sectors lagged on the S&P 500. The slip continued Tuesday with the major indices closing the session in red territory. Energy brands dipped on a slip in crude oil prices. Midweek, the indices rebounded up off back-to-back downswings with stocks stepping up on a variety of economic news. Comments from Janet Yellen’s final meeting as Fed chair offered few revelations. The Federal Open Market Committee members left rates unchanged at 1.25% to 1.5%, but expect inflation to increase and stabilize around the 2% mark. The first rate hike of the year is expected in March. Indices closed out with mixed moves on Thursday. The Dow Jones Industrial Average stepped up, while the S&P 500 Index and NASDAQ Composite shed some points ahead of earnings from Technology sector titans. In other news, the Department of Labor data showed initial jobless claims fell by 1,000 to 230,000 last week. A jolt of volatility hit markets on Friday, reversing the tranquility markets have been experiencing recently after a rise in interest rates spooked stock investors. The Dow Jones Industrial Average plummeted 2.5%, marking its biggest one-day decline since the Brexit vote in June of 2016. For the week, the blue-chip index lost nearly 1100 points, the most since the financial crisis in October 2008. The S&P 500 and NASDAQ also closed in the red, falling 2.1% and 2% respectively. Despite the drop, all three major indexes are up for the year. The yield on the 10-year Treasury note climbed to 2.85%.
