(As of 7:20am, PST)
The new week has opened like
last week finished – with a thud. In early trading, both the Dow and S&P
500 are down nearly 1.5%. Investors are trying to find some good news to sink
their teeth into and it appears there isn’t any in sight. Trading ended last
week with the biggest weekly drop in a month for U.S. equities following a
mixed jobs report and a continuing decline in oil prices. Investors may not
find any trend-turning news this week. There is concern that Friday’s jobs
report may be a sign that the world’s biggest economy may not be as strong as
we thought. It’s a light week of economic reporting. All eyes will be on
Federal Reserve Chairwoman Janet Yellen on Wednesday and Thursday when she
testifies before Congress about the economy and monetary policy. Investors will
be interested in what the Fed’s interest rate policy will be in light of the jobs
data. Oil continues to fall and, as has been the trend, equities are following
it downward.
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