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Thoughts Above the Pacific

Daily Recap

Only in the Alice in Wonderland environment in which we live these days would sticking with a negative 0.4% interest rate and buying 80 billion euros worth of bonds each month be considered failing to support the economy.  But that is what's being referred to as the "hawkish" situation in Europe today, and disappointed investors responded by knocking the STOXX 600 index down 1%.  

That piece of disappointing news fought with very positive news on the crude oil front for control of US markets.  The pessimists won out overall, with the Dow down about 50 points with half an hour of trading remaining.  The NASDAQ, after again making new all-time highs yesterday, is also down, as is the S&P 500.  Notable exceptions to the lower prices are the energy shares, higher as a result of sharply lower US oil inventories (the largest drop since 1999!) that propelled crude prices up nearly 5%.  CVX ... Log in or subscribe to continue reading.

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