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Year of the Fire Monkey

Daily Recap

Stocks traded lower today, worldwide. Asian markets, along with European markets, lost about 1% on the day; the Global Dow Index finished down 1.2%. U.S. markets were discouraged by a slowdown in new hiring, and neither an increase in the average wage rate nor an unemployment rate below 5% could inspire investors to buy.

 

The FANG stocks (Internet heavyweights plus Amazon) tanked today, dragging the Industrials down and prompting the NASDAQ to again lead on the downside. At the close, the Dow was down 1.3%, while NASDAQ lost more than twice that, percentage wise.

 

Perceived signs of global weakness took oil down again today, though it’s still above $30/bbl. Very interestingly, the precious metals seem to have completely decoupled from energy and stock prices. After early profit taking, they once again soared higher, closing at the highs of the day, week and year. 

 

Both gold and the mining shares closed above their 200-day moving averages, ... Log in or subscribe to continue reading.


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