Richard's Thoughts on Valuations
The worrywarts were out in full bloom today, at least in the US. Despite healthy gains in European stock markets, positive news on retail sales, and a sharp increase in consumer sentiment, the major US indices got clobbered again today. This should result in both the Industrials and S&P 500 now joining the NASDAQ, which previously saw a negative crossing of its weekly moving averages.
Asian markets had a tough day too, with the Hang Seng down 1% and the Nikkei down 1.41%. Also down were crude oil prices, giving back half a dollar of its recent gains, but still finishing up on the week. Further reflecting concern about the economy's future outlook, rates on 30-year Treasuries fell 0.06%. The dollar rose 0.39%.
The precious metals rose today, by varying amounts. Gold added $10, platinum only $3, while silver finished 14 cents higher on the day. Mining shares again fought ... Log in or subscribe to continue reading.
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