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Dow erases 2016 losses

Thursday, March 17, 2016 - 01:16

The Dow turned positive for 2016, notching its fifth straight day of gains. Bobbi Rebell reports.

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A big day for the Dow. It moved into positive territory for 2016, with stocks, like FedEx and General Electric, driving U.S. markets higher. A rise in oil prices lifted materials and energy stocks. But the U.S. dollar index dropped to a five-month low a day after the U.S. Federal Reserve scaled back rate hike expectations. Sean O'Hara of Pacer Financial: (SOUNDBITE) SEAN O'HARA, MANAGING DIRECTOR, PACER FINANCIAL, (ENGLISH) SAYING: "Today, based on the close, we will go back into the market. So, it's a pretty strong sign that there is some upward momentum going on. Economics news: jobless claims rose from a five-month low last week, but they are still are below a level associated with an improving jobs market. SeaWorld shares rose after the theme park operator said it will stop breeding killer whales. Valeant stock losing even more ground. Creditors are putting more pressure on the beleaguered drug company. Guess says the strong dollar and spending more on advertising and marketing will lead to a first quarter loss. Shares fell. Williams Sonoma stock getting hit as well, after the home furnishings maker posted a fourth quarter sales miss, blaming weak demand at its Pottery Barn stores. Europe did not follow the U.S. lead, with the major indexes closing out the day mostly lower.

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Dow erases 2016 losses

Thursday, March 17, 2016 - 01:16