Markets closed down on Wall Street: DJI -0.79% SP500 -0.81% Nasdaq -1.21% Gold -1.09% Oil 0.37%.
Markets started the day at par, then fell into a down trend the rest of the day. On the commodities front, Oil (NYSE:USO) was a volatile chop fest. Gold (NYSE:GLD) sold off hard, and Silver (NYSE:SLV) jumped over 3%. But Is Silver a Bubble Bursting Now?
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Today’s markets were down because:
1) Economic Data was fair. Today’s big economic data was the Consumer Price Index and University of Michigan Consumer Sentiment. As you might know from your real world experience, inflation keeps inflating. However, you may not know you’re fellow shoppers are more confident than Wall Street expected.
2) Europe is looking like sh*t. Greece is back in a world of pain and investors are anticipating more big news and bailouts. Nothing new to see here, just how bad the ultimate pain will be.
3) Tech led markets lower. Yahoo (NASDAQ:YHOO) was a huge focus today as investors continue to dump shares on surprise news the company’s investment Alibaba spun off its online payment serviceAlipay. As we always say, the one thing investors hate most is negative surprises. The news sent YHOO shares down 3.6% for the day. At least Agilent Technologies (NYSE:A) hit a home run on earnings.
Now that you’re in the know, get ready to see whether the the Oklahoma City Thunder can finish off the Memphis Grizzlies!