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Where Did TINA Go?

Daily Recap

So far Hurricane Harvey's destruction has had little impact on stock prices, as most major averages floated around the unchanged mark. The one thing that did surge was gasoline futures, which rose over 4% on concerns of reduced refinery capacity. So far 15% of U.S. refinery capacity has been disrupted, with that figure possibly rising to 30% if Harvey heads toward Louisiana.


Crude oil headed the opposite direction of gasoline, as WTI fell $1.30/bbl. to close at $46.15. The dollar index declined as well, though only by 0.09% to 92.25. Bond were mixed, with the 10-year gaining 3/32 to yield 2.16%.


World stock markets were divided, with Europe completely in the red and Asia mostly in the green. In Europe the Stoxx 600 fell 0.48%. Over in Asia, the Shanghai Composite was the biggest gainer, up nearly one percent. Overall, the global Dow rose by 0.09%


In the U.S., the Industrials ended the day down 5 points ... Log in or subscribe to continue reading.

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