Weakness in oil prices, following five weeks of upward moves, still leaves crude near $40/bbl. But today's $1+ drop was enough to cast a bearish tone over many markets.
In addition, "hawkish" comments, including those from the Fed's St. Louis head, James Bullard, have investors thinking that maybe lower rates aren't the slam dunk future after all. As we've commented from time to time, signs of incipient inflation have been popping up for weeks now, mostly ignored but perhaps now starting to gain some traction.
The big movers today, besides oil and oil stocks, are the precious metals. Overdue for a decline, they got slammed, with gold down $30, silver down 60 cents, and platinum down $35 at midday. Mining shares and oil company shares are down quite a lot today also, but their declines are moderated by the stock market, which is only down marginally.
Stocks finished the day near their lows. The Industrials ... Log in or subscribe to continue reading.