March was a big month for stocks, with the Dow up more than seven percent. The major indexes also rebounded from mid-quarter losses at the end of the first quarter of 2016. Bobbi Rebell reports.
Stocks ending flat in the final session of what was a tumultuous first quarter. Energy stocks were among the early leaders before giving ground. For the month, stocks posted very strong gains, with the Dow up more than seven percent. For the quarter, stocks came back from mid-February lows. Stocks will unshackle itself from its direct correlation with oil prices, says David Schiegoleit of U.S. Bank. (SOUNDBITE) DAVID SCHIEGOLEIT, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "We are seeing signs of a pickup in consumer spending, and that would mean we would see a pivot from low oil prices being a headwind to stocks in the economy to low oil prices becoming a tailwind for stocks and the economy going forward." Mixed news on the labor market ahead of the government's jobs report Friday. The number of Americans filing for jobless benefits unexpectedly rose last week, but layoffs fell sharply in March. General Electric asked the Fed to strip it of its designation as a financial institution that's "too big to fail." Partly by halving its assets, GE said its financing unit poses no threat to U.S. financial stability. Investors buying Best Buy shares after Barclays started coverage on the electronics retailer with an "overweight" rating. Movado moving lower. The luxury watch designer issued a disappointing outlook for profit and sales for the year, citing a challenging retail environment. In Europe, stocks ended lower, pulled down by utilities and telecom shares.