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Global Market Wrap-Up - March 22, 2013

Friday, March 22, 2013
By: 
Mark Hanna
U.S. stocks finished off a very volatile week with gains of 0.7% for both the NASDAQ and S&P 500. The market moved a lot this week but eventually ended up not too far from where it started. For the week the S&P 500 fell 0.2% and NASDAQ 0.1%. Today's move seemed to be based on hopes that the Cyprus situation will be taken care of by early next week and it can be back to business as usual; there were no significant news drivers to create this gain.

Oil gained 1.4% to $93.71, gold fell 0.5% to $1606.10, and silver dropped 1.8% to $28.70.

British stocks gained 0.1%, while French stocks fell 0.1% and German stocks dropped 0.3%.
  • The European Union issued an ultimatum to Cyprus to raise the 5.8 billion euros ($7.4 billion) necessary for a 10 billion euro bailout package by next Monday. The European Central Bank has said it will cut off liquidity to Cypriot banks without a deal.
  • The Ifo Business Climate Index for German manufacturing and trade slipped in March, as companies lost enthusiasm about their business outlook. The Ifo business confidence index declined for the first time in five months to 106.7 in March from 107.4 in February, below economists forecasts of 107.6.
Japan dropped 2.35% while China gained 0.2%.
  • Haruhiko Kuroda's first news conference as the Bank of Japan's governor disappointed the market. Speaking after the market closed on Thursday, Mr. Kuroda reiterated his pledge to expand monetary easing in Japan, but failed to come out with any surprises.