March 27, 2015 Market Wrap Up

The S&P 500 closed the day positive; however, the action was rather choppy. In fact, it was a painfully slow day, with very light volume. For those who remained patient, we did see some fireworks when a Wall Street Journal report indicated that Intel (INTC) were in talks to buy Altera Corp. (ALTR). ALTR shot up over 28% and INTC closed 6% higher.

Despite the uncertainty, the VIX managed to sell off nearly 5%, closing at 15.07.

Right before the close, FED Chair Janet Yellen made remarks regarding interest rates. It appeared that she might have back pedaled on when they plan on raising rates. One striking comment she made was- “Generally anticipate that a rather gradual rise in the federal funds rate will be appropriate over the next few years.”

In other news today, the crude oil market sold off rather hard and closed below $50 per barrel, the first down day this week. Despite the sell off, crude oil futures were up nearly 5% on the week. Many believe this is attributed to the geopolitical tensions in the Middle East.

We’ll be back on Sunday for The Week Ahead Report.