Markets closed down on Wall Street: Dow -1.48%, S&P -1.74%, Nasdaq -1.76%, Crude -4.21%, Gold +0.57%.
On the commodities front, Oil (NYSE:USO) got hammered and closed at $95.19 after more stop-loss triggers fired off. On the other hand, precious metals (NYSE:DBP) did great as investors fled from currencies. Gold (NYSE:GLD) headed back to $1,532.50 and Silver (NYSE:SLV) also caught a bid.
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Today’s markets were down because:
1) The Achilles Heel is back. Greece has stormed back into the spotlight with drama, violence, and money. It’s a terrible scene and investors are selling everything and asking questions later. Don’t Miss our complete Cheat Sheet to the unfolding situation in Greece.
3) US economic data was stagflationary. This morning we learned builder confidence is down (NYSE:XHB) while consumer prices continue to rise. Another data set investors didn’t want to see on a day like today.