Tuesday was another ugly day for most of the world. Japanese stocks tanked, down 5%, and European stocks didn’t do much better. The British FTSE fell to its lowest level in 3 years, with other Continental markets faring almost as poorly.
Low oil prices (West Texas well under $30 again) got some of the blame. But mostly, it’s just the same old fears of global economies sliding into recession and deflation.
US markets, blessed with a different economy than the rest of the world, managed to see the glass as half-full and finished the day about unchanged. Shortly before the close, the lagging Transports are up over 1%, with other indices up or down by tiny amounts.
Gold and the rest finally took a breather after their breakneck advance of the last week or two. Hardest hit were the mining shares (down 4%) and silver (down 0.8%).
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