© 2024 Blaze Media LLC. All rights reserved.
"Markets closed down on Wall Street today."
Markets closed down on Wall Street today:
- Dow -2.25 percent
- S&P -2.47 percent
- Nasdaq -1.93 percent
- Oil -0.79 percent
- Gold -1.51 percent.
On the commodities front:
- Oil (NYSE:USO) fell to $92.58 a barrel.
- Precious metals: Gold(NYSE:GLD) down to $1,720.90 an ounce while Silver (NYSE:SLV) fell 2.56 percent to settle at $34.39.
Hot Feature: How Will Precious Metals React to the EU Bailout Plan?
Today’s markets were down because:
1) Europe: Italian and Spanish bond yields soared, prompting the European Central Bank to buy the debt. Meanwhile, though European leaders agreed last week to increase the European Financial Stability Facility rescue fund to 1 trillion euros, they are now facing difficulties finding outside contributors.
At the same time, MF Global Holdings Ltd. (NYSE:MF), the futures broker that made big bets on European sovereign debt, filed for U.S. Chapter 11 bankruptcy protection today after talks to sell its assets fell through. While the worst-case scenario for Europe seems off the table, at least for now, they still have a long way to go to shore up the region’s finances.
2) Currency: The Japanese government stepped in early Monday to push down the yen’s value in international currency markets. The move immediately sent the dollar rising against major global currencies on safe-haven demand, putting pressure on commodities priced in dollars, such as oil and gold. The dollar climbed 2.9 percent against the yen.
3) Banks: JPMorgan (NYSE:JPM), which, according to an MF Global court filing, has about $1.2 billion worth of claims on the brokerage, fell 5.26 percent to $34.76, leading banking stocks lower.
Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), UBS (NYSE:UBS), and Wells Fargo (NYSE:WFC) were among the worst-performing stocks today.
[Editor's note: the above is a cross post from Wall St. Cheat Sheet]
Want to leave a tip?
We answer to you. Help keep our content free of advertisers and big tech censorship by leaving a tip today.
Want to join the conversation?
Already a subscriber?
more stories
Sign up for the Blaze newsletter
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.
© 2024 Blaze Media LLC. All rights reserved.
Get the stories that matter most delivered directly to your inbox.
By signing up, you agree to our Privacy Policy and Terms of Use, and agree to receive content that may sometimes include advertisements. You may opt out at any time.