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Contrary Opinion

Daily Recap

This morning featured some wild action in the US, meaning ... perhaps not so much after all. Gold fell some $10/oz., breaking below the $1272 that traders felt was an important level to hold, on fears of higher interest rates. Then it turned around and went right back up, to close higher on the day. Similarly, stocks opened lower, then got slammed hard – with the Dow Industrials down over 150 points and other indices similarly on the ropes. Worries about weak overnight data from China, along with plunging shares of GE, were the primary drivers of the selling. And then stocks decided Armageddon wasn't here just yet, and rallied to close with only modest losses.

 

China's bad news did leave Asian markets in the red, with the Shanghai exchange down 0.53% and the Asia Dow 0.41% lower. Chinese bond yields rose to their highest level in three years. European ... Log in or subscribe to continue reading.


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