Market Wrap for Friday, May 31: Hysteria as Shares Plummet

Major indexes closed down Friday, ending the four day trading week with a loss.

Markets were especially volatile today, recording losses after the Dow was up approximately 80 points earlier in the day.

Major Indexes
The Dow Jones Industrial Average fell 208.96 points, or 1.36 percent, to 15,115.57 points.

The S&P recorded a 23.67 point loss to close at 1,630.74.

The Nasdaq fell points 35.39, or 1.01 percent to close at 3,445.91 points.

Commodities
Oil prices are down slightly today after OPEC kept their oil production target the same. The price of crude is $93.60 heading into the closing bell after dipping below $93 earlier in the day.

Precious metals fell sharply today. Gold is down over two percent, or $28.50 to $1,385.59 per ounce. Similarly, silver fell 2.76 percent to $22.19.

Wheat and corn traded up 0.97 percent and 0.80 percent, respectively. Cocoa and cotton both recorded losses on the day.

Bonds
Bonds fell sharply mid afternoon, but recovered near the end of the day. iShares Barclays 20+ Yr Treasury Bond TLT fell over 1.5 percent during the day, but recovered to just a 0.3 percent loss for the day. This drop pushed bond yields higher for the day.

The five year note added four basis points to 1.04 percent with the ten and thirty year notes each adding two basis points.

Currencies
The United States Dollar traded stronger against almost all major currencies, including at 0.41 percent gain on the Euro. A PowerShares index UUP that tracks the dollar versus a basket of other currencies rose 0.22 percent.

Stock Movers
OmniVision Technologies OVTI shot up, gaining 19.24 percent and are gaining in after hours trading to $18.50 over a positive earnings report.
Krispy Kreme Doughnuts KKD was also up 21.46 percent to $17.32 on upbeat Q1 results.
Palo Alto Networks PANW was down, falling 10.79 percent to $48.55, after the company reported weak quarterly revenue.
Pall PLL shares tumbled 5.08 percent to $68.20 after the company issued weak FY13 earnings forecast.