Market Recap – March 28th
The markets opened the day mixed, but slowly tumbled down as the day went. Federal regulators were grilled by lawmakers in a Senate hearing regarding the handling of the SVB crisis and what new regulations might be necessary to prevent crises like this one. This caused the indices to have a poor day with the S&P 500 down 0.16%, the Dow Jones down 0.12% after being up for the first half of the day, and tech continuing to lag with the NASDAQ down 0.45%.
Despite this, there were a couple of big winners on the day. AMC rose rapidly near the end of the day, up 13.19% after rumors of a potential deal with Amazon surfaced, which would be a saving hand for the company. Alibaba managed to do even better than AMC, up 14.26% to $98.40 after announcing a business decision to split into 6 different business units in their first major move in the post-Jack Ma era.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.