Market Recap – March 13th
The Dow Jones Industrial Average fell 0.28% yesterday to close at 31,819.14. The Financials and Energy sectors were the biggest laggards, down 2.99% and 2.20%, respectively.
Looking at specific investments, we’re watching United Airlines and First Republic Bank. United Airlines saw a 6.5% drop in its shares following the release of its profit warning for the first quarter, stating an adjusted loss of $1.00 to 60 cents per share compared to its prior guidance of earnings of 50 cents to $1.00 per share. Consensus expectations were also lower at 65 cents per share, as reported by FactSet. Meanwhile, First Republic Bank’s stock rose 10% in after-hours trading after plunging 61.8% during regular trading on Monday due to concerns over contagion risk from Silicon Valley Bank.
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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.