Santa Claus Stayed Home
Markets today confirmed that the weakness, which marked the beginning the year, was more than just a one or two day aberration. More sour news out of China's service sector combined with concern over N. Korea's latest nuclear test set a bearish tone from the day's beginning.
Sharply lower oil prices added insult to injury in the energy sector. Crude oil, down a whopping 6% today on top of weeks of harsh declines, sent European bourses lower. The specter of Iran and Saudi Arabia squaring off against one another, with oil supplies and prices the weapons of choice, is not a comforting vision.
US stock prices got hammered today, with the Industrials, S&P and Transports slicing through key lows and 30 minutes before the close, at the lowest prices since early October. Still the strongest major index, the NASDAQ fell "only" as far as its late-October lows. The S&P's recently vaunted "Golden ... Log in or subscribe to continue reading.
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