Financial Review

Down Again


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…Stocks stumble again. Oil bear. Amazon picks 2 for HQ2. Possible Brexit deal. Cabinet shakeup. Still counting votes. AZ turns blue(-ish). Financial Review by Sinclair Noe for 11-13-2018 DOW – 100 = 25,286 SPX – 4 = 2722 NAS + .01 = 7200 RUT – 3 = 1514 10 Y – .04 = 3.14% OIL – 4.65 = 55.28 GOLD + 2.00 = 1202.90   Stocks started the morning in positive territory, however there was no rally. The major indices were just slightly higher – not enough to trigger computerized trading programs to buy. After a couple of hours of drifting aimlessly, stocks dropped. Energy stocks weighed heaviest on the S&P 500 as crude oil fell for a record 12th consecutive session, pushing prices down to a one-year low. WTI dropped more than 7%, its biggest one-day decline in about 3 years. Oil prices have plunged more than $20 a barrel since the start of October, when Brent crude rose to nearly $87 a barrel and U.S. crude traded just shy of $77. Both benchmarks are now trading firmly in bear market territory, having fallen more than 20 percent from their 52-week highs. Crude futures rose to four-year highs on Oct. 3 as the market braced for renewed U.S. sanctions on Iran, OPEC’s third biggest producer. Through September, the threat of sanctions wiped about 800,000 barrels a day off the market, fueling speculation that some oil importers would struggle to find supplies. One week after crude futures struck their highs, ...
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Financial ReviewBy Sinclair Noe