Markets closed down on Wall Street: DJI -0.66% SP500 -0.69% Nasdaq -0.47% Gold -1.64% Oil -1.95%.
Last week was a streak of winning markets. This week is over the hump — all losers. On the commodities front, Oil (NYSE:USO) sold off most of the day to at $108.89. Gold (NYSE:GLD) and Silver (NYSE:SLV) also sold off hard, with Silver getting slaughtered over 5% — two days in a row!
Today’s markets were down because:
1) Economic data was lackluster. This morning started with lower than expected Private Payrolls and continued with a steep month-over-month drop in the ISM Non-manufacturing Index (Don’t Miss: “Chart of the Day: US Services Sector Trying to Hold On“). Last week’s lackluster data is catching up to us as earnings hasn’t been the savior this week.
2) Gas prices in Hawaii broke $6 a gallon. Oil (NYSE:USO) may have dipped, but someone forgot to tell a lone gas station (NYSE:XOP) attendant in Hana, Hawaii where you can love yourself some gas for the bargain price of only $6.03 a gallon. The silly high number is so silly, every media outlet focused on rising gas prices despite traders slaughtering Oil (NYSE:USO) two days in a row. Well, no one said the mainstream media ever focused on the right meme.
3) Remember the PIIGS? Portugal finally screamed “mercy” and accepted a 78 billion Euro rescue package. As investors wake up to reality, some are finally changing to a “risk off” stance as more debt addicts are in line for harsh sessions of rehab. At least Americans don’t have to worry (yet) because this Pew chart shows we’re in the middle of a textbook relapse.
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