All major U.S. stock indices closed lower for the week of March 10,
basically giving back all of the previous week's gains. The market was
led lower last week by the blue-chip Dow industrials, which lost 2.4%,
leaving the Nasdaq and Russell 2000 as the only two major indices that
are still in positive territory for 2014, up 1.7% and 1.5%,
respectively, year to date.
U.S. stocks were particularly weak on Thursday, with the S&P 500
suffering its worst day since early February on rising tensions between
Ukraine and Russia and concerns about a slowdown in China. Regarding the
latter, I am expecting at least an additional 2.2% decline in China's
Hang Seng Index to 21,000.
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