The market closed lower for a third-straight week, marking its longest losing streak in two months. The Dow closed down 145 points, while the S&p 500 lost almost 13 points today. Three stocks accounted for nearly two-thirds of the Dow's 107-point decline this week: Visa (V), IBM (IBM) and Intel (INTC) - all in the information technology sector.
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It wasn't just markets that saw red for the week. Oil sank 10% this week, getting within $1.26 of a new six-year low. A higher dollar and bearish comments from the Iinternational Energy Agency weiged heavily on the commodity Friday.
Plus, just as FOX business told you back in January, Friday, we learned the feds will be looking into potential stock manipulation of Herbalife (HLF) by people hired by Bill Ackman's Pershing Square Capital. During an interview with Risk and Reward’s Deirdre Bolton, Ackman denied his company did anything improper and said welcomes the investigations.
Coming up next week we will be keeping a close eye on what comes out of the Fed’s policy-setting meeting. Will it drop "patient" from its statement’s language and what that will mean for hiking rates?