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The World is Watching Korea

Daily Recap

A couple of developments caught US investors' eyes, following lower equities prices across Asia and Europe.  The Global Dow fell 0.61%, setting a bearish tone for US stocks.

In Afghanistan, the US dropped the largest bomb ever, and somehow that spooked traders and moved stocks even lower than they had been earlier in the session.  Financial and energy shares were hit the hardest; XLE fell 1 1/4 points, and CVX lost almost 3 points.

Another factor was the President's statement that the dollar was too strong, thus impeding exports.  Since its strength came partly from relatively high interest rates, the bond market inferred that rates might not rise as much as earlier believed.  Yet prices finished almost unchanged, and the 10-year note closed with a 2.236% yield.  And surprisingly, the US dollar index rose, closing at 100.54, up 0.43%.

Crude oil was about unchanged, as were the precious metals.  Gold finished at the ... Log in or subscribe to continue reading.

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