Daily Recap
It was an ugly day on Wall Street, with stocks starting off slightly lower, but then sliding further and further as the day progressed. Asian stocks had finished mixed, while European shares were moderately lower.
But in the US, disappointing earnings from Alcoa started things off. Additional pressure came from lower oil prices - still over $50/bbl. but down 1% from yesterday. A higher dollar (especially vs. the pound) was a real factor; despite all the talk of a bear market in the US dollar a few months ago, it is now at 7-month highs, which is generally perceived as hurting US manufacturers more than benefiting them. Finally, higher interest rates didn't help during much of the session, even though Treasury rates were actually lower coming into the close. Still nobody is talking much about the political chaos that may be just around the corner, but at least one market maven ... Log in or subscribe to continue reading.
