Hold The Latte
The market went sideways all day until the end of trading, and just as Oil hit a new high, the market cracked, ending down 167 points.
Bonds, much to my surprise, fell a little in interest rates.
The Dollar fell, and we’ll see what the markets say the rest of the week. The European Central Bank is expected to increase its interest rates tomorrow – so markets, being contrary beasts, will probably sell (rather than buy) the Euro tomorrow. We’ll see.
Oil hit a new high, and is poised to crash through $150 a barrel soon. Naturally, you can expect to pay more at the pump very soon.
In the news today…..
The number of jobs in the economy fell by 79,000 jobs in manufacturing, and an additional 3,000 jobs in the service sector. While this is expected, it’s also bad news as people get very nervous, and spend less money when their job is jeopardized – and this should continue to drive the economy south.
Starbucks is closing 600 stores in the US (these are the uneconomic ones) and will open 200 more stores. If you are in the real estate business, you usually could count on an area being a “good area” if there was a Starbucks in the area. You no longer can count on that measure.
Here are today’s numbers:
Dow Jones 30 Industrial - 11216 (down 167 points)
10 Year Treasury Bond - 3.96% (down 0.03%)
Euro - $1.5881
Gold - $947 (up $2)
Oil - $143.57 (up $2.60) - New Highs are so Boring???
Gasoline - $3.55 (up $0.04)
