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Corporate Profits Point to Lower Stock Prices

Daily Recap

Green was the color of the day, as nearly all equity markets across the globe finished higher. Gains that began in Asia made their way into European trading and finally into U.S. markets.

 

Driving some of the action was a rise in oil prices, which settled at a 2016 high. This is taking pressure off of the energy sector, which has been a source of pain for quite some time. Oil prices are benefitting from production outages in Canada and Nigeria, among other places.

 

Economic data out of China continues to weaken. The latest figures on industrial production, retail sales and investment data all came in below expectations, yet the Shanghai Composite still managed to post nearly a 1% gain.

 

At the close, the Industrials were up 175 points with the Transports following suit, up 0.74%. The Nasdaq rose 1.2% and the S&P climbed 1%. Gold and silver both traded essentially flat while miners posted ... Log in or subscribe to continue reading.


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