Equities were a mixed bag today with the S&P 500 and Dow Jones Industrial Average finishing in positive territory while the Nasdaq fell. Treasuries continued their rally streak, with yields on the 10-Year Note falling 4bps to 2.23%. Oil spiked higher intraday after Iran announced that it would cut production by 300,000 barrels per day, slightly outpacing the increased production from Saudi Arabia.
New home sales contracts fell from 318,000 to 313,000 after economists expected an increase to 325,000. The government cited increased new construction and a surplus of existing properties for the fall.
BATS Global Markets (BATS) attempted to IPO today before having an exchange error that caused shares to plummet from the IPO price of $16 to $0.03. Later in the day, the company decided to cancel all trades made after the stock began trading and halt trading until further notice. Shortly before the market’s close, the company announced that they were withdrawing their IPO.
Also this morning, President Obama nominated Dartmouth College President Jim Yong Kim as the next head of the World Bank.
Over the weekend, Louisiana will hold its primary elections. According to a recent poll, Rick Santorum is holding a 13% lead over Mitt Romney. Romney is currently leading the race with 16 state victories.
On Monday, the Supreme Court is expected to start three days of deliberations over whether ObamaCare is legal. Pending home sales, an updated number of monthly home sales, will also be released on Monday, with economists expecting a monthly increase of 1.0%.
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