Top 3 Reasons Markets were Down Like Boehner and Obama
Markets closed down on Wall Street: DJI -0.14% SP500 -0.15% Nasdaq -0.13% Gold +0.05% Oil +1.22%.
This has been an incredibly boring week for traders and investors. Markets have made about as much movement as Congress has with the budget. Stocks started the day with a hiccup in positive territory after digesting better Weekly Jobless Claims and the European Central Bank’s rate hike from 15 to 1.25%. However, gains couldn’t hold on as Japan (NYSE:EWJ) got hit by more earthquakes. Gold (NYSE:GLD) and Silver (NYSE:SLV) snoozed. (See “Gold Bugs, Unite!“)
Today’s markets were down because:
1) Oil (NYSE:USO) is like a tech stock in 1999. Another day, another gain for oil. Oil traded flat for most of the morning until news broke that Japan (NYSE:EWJ) got hammered by two more earthquakes. It was like someone pressed the “oil price spike” button in the trading pits. Don’t Miss Oil ETFS: The Top 10 Exchange Traded Funds for Your Oil Investing List.
2) Industrials (NYSE:XLI) got slammed. Although General Electric (NYSE:GE) announced a huge solar (NYSE:TAN) project, the stock was down almost 1%. 3M Company (NYSE:MMM) and United Technologies (NYSE:UTX) also traded lower.
3) Online video is heating up. Although Netflix (NASDAQ:NFLX) announced a great deal to stream Lion’s Gate (NYSE:LGF) hit show Mad Men, the stocks got slammed as hot money traders took profits on Google’s (NASDAQ:GOOG) announced $100 million investment in YouTube and Dish’s (NASDAQ:DISH) purchase of Blockbuster. Have no fear … unless you think that big second bump on the Netflix chart is a double-top.
Now that you’re in the know, let’s see if the US government can get their s**t together!