Job Cuts, Earnings Misses, and Euro Zone Uncertainty: Market Recap

It was a red day for the U.S. equity markets as concerns about the stability of the euro zone overshadowed positive U.S. manufacturing data. Initial claims for unemployment insurance increased marginally.

At the close: DJIA: -0.62%, S&P 500: -0.83%, NASDAQ: -0.97%.

On the commodities front, WTI crude oil (NYSEARCA:USO) moved with the market, falling 1.20 percent to $92.38 per barrel. The yield on the 10-year T-note fell 0.040 points to 1.919 percent. Gold (NYSEARCA:GLD) futures for April delivery, the most active contract, increased $6.30 to close at $1,613.80 per ounce, while silver (NYSEARCA:SLV) futures for May jumped 40 cents to finish at $29.21. Both precious metals climbed higher as the European Central Bank threatened to cut off Cypriot banks on Monday if a bailout deal is not completed. Emergency loans have been funding the insolvent banks, but the debate continues on how to please everyone involved in the bailout.