Oil prices were able to move higher today, despite a number of dueling predictions of just how low crude prices might go. $20? $10? We saw both of those numbers being touted - even $0 a barrel! Yet even the worst bear market doesn't go to zero non-stop, and crude prices managed to tack on a bit today.
Stocks took inspiration from that, first in China, then in Europe, lastly in the Americas, as is the normal order of things. European shares especially benefitted from the temporary reprieve in crude prices, while mostly ignoring lower metals prices; the STOXX 600 finished up nearly 1/2%. But then things turned ugly in the US, with the Dow Industrials down nearly 2% just before the close, and both the S&P and NASDAQ indexes down even more.
Gold and the rest of that group was down early, but in mirror fashion (to stocks) they rallied into the close. It seems that fear is gripping ... Log in or subscribe to continue reading.