[Chart courtesy of MarketWatch.com]
1. Moving the Markets
Just a day after the Nasdaq hit its highest mark in 15 years the markets turned downward. The S&P 500, Dow and Nasdaq all retreated from record highs.
We saw some great numbers come in for auto sales in the month of February. Apparently, big snowfall and freezing temperatures had little impact on the industry’s sales. Almost all major auto manufacturers reported gains, especially Toyota Motor (TM).
Best Buy (BBY) was back in the news today after reporting a revenue increase of 1.3% for the fourth quarter of 2014. Big screen TVs and mobile phones sales were particularly strong and were noted as the primary drivers of the company’s year-over-year revenue growth. Shares gained 1.2% in afternoon trading.
In M&A news, Springleaf Holdings said it will buy Citigroup’s OneMain Financial for $4.25 billion in cash. LEAF’s stock gained about 30% on the news.
In international news, keep an eye on China’s indexes. The country’s ceremonial legislature starts its annual session on Thursday and is expected to announce a growth target for 2015.
All of our 10 ETFs in the Spotlight headed south and closed lower with SPLV showing the most resistance towards today’s slide (-0.21%).