Markets closed down on Wall Street: DJI -0.18% SP500 -0.42% Nasdaq -0.97% Gold –0.41% Oil 2.05%.
On the commodities front, Oil (NYSE:USO) rocketed up past $100 a barrel after OPEC decided not to increase a cap on oil production, while precious metals were down with Gold (NYSE:GLD) ending regular trading down 0.41% and Silver (NYSE:SLV) down 0.25% at close.
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Today’s markets were mixed because:
1) OPEC. Crude (NYSE:USO) had been down the last few days in anticipation of OPEC increasing the cap on production. But this morning when they decided to maintain production restrictions at current levels, it was the only big financial news release, so oil futures skyrocketed while everything else remained relatively still. See Why It’s All About That Texas Tea.
2) Tech has been unimpressive, at best. With no really big news or cool new gadgets coming out of Apple’s (NASDAQ:AAPL) Worldwide Developers Conference, Nokia (NYSE:NOK) continuing its downward spiral, the legality of the AT&T’s (NYSE:T) buyout of T-Mobile still being debated, and a host of unimpressive numbers from companies like Microsoft (NASDAQ:MSFT) and LinkedIn (NYSE:LNKD), the usually booming tech sector has been taking a bit of a vacation this week.
3) The Beige Book. The Federal Reserve released the Beige Book this afternoon, a snapshot of the country’s economic condition. Unsurprisingly, we’re not doing that great. Progress has slowed in just about every sector while many companies are facing higher input costs, passing them on to consumers in the form of higher prices. Nothing dampens the market like reminding people just how bad things are.