Two High-Yield Safe Havens in an Overlooked Sector
Once again oil is the most prominent driver of world stock markets. Today may have represented a key reversal of sorts; early on, oil and oil stocks continued the shellacking they got yesterday. But then they moved up and finished higher than yesterday. Declining US production and a relatively bullish US supply update were factors, but chances are that prices had simply dropped too far, too fast, in the last couple of days. Crude oil finished up just over 1% on the day.
The Chinese stock market was up a bit, but it was the exception for Asian and European markets, which mostly lost 1 to 2%. Europe's STOXX 600 took the biggest hit in a long time, down 2.3%.
In the US, major stock indices closed near the day's highs, after being quite a bit lower earlier based on lower oil prices and a negative PMI reading, indicating weakness in the ... Log in or subscribe to continue reading.
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