The major US indices are all closing lower as trading comes to a close for the day and the week. As a reminder, major indices will be closed tomorrow in observance of the Good Friday holiday. A snapshot of the market closes shows
- Dow industrial average down -113.38 points or -0.33% at 34451.24. Last week the index closed at 34721.13. For the week the index fell -0.78%
- S&P -54.00 index down -292.5 points or -1.21% at 4392.60. Last week the index closed at 4488.27. For the week the index is down -2.13%.
- NASDAQ index down -292.5 points or -2.14% at 13351.09. Last week the index closed at 13711.00 for the week the index is down -2.67%
- Russell 2000 down -20.12 points or -0.99% of 2004.98. Last week the index closed at 1994.56. For the week the index was up 0.57%
The big news at the start of the day was Elon Musk’s buyout offer of Twitter at $54.20. After initial spike higher, the price started to move back to the downside. It is closing down $0.77 or -1.68% at $45.08. The Twitter board is mulling the possibility of inserting a poison pill to prevent Musk from significantly upping stakes in the companies shares.
Meanwhile, Musk is conducting a poll on Twitter asking followers if “taking Twitter private at $54.20 should be up to shareholders, not the board?”
The problem is the price of 5420 is shown 32% less than the high reached in February 2021. Having said that, the price has been below $54.20 level since November 2021.
The poll may show one thing, but the price of the stock is showing another.