Wednesday, March 12, 2014

Economic Journal - Wednesday, 3/12/2014

(As of 7:20 am PST)
 
US stocks are falling in early action as worries about China’s slowdown and continued Russia-Ukraine tensions have sent investors selling.  The global selloff began in Asia with all major indexes finishing the day in the red.  Most notably, Japan’s Nikkei shed 2.5% while the Hang Seng index in Hong Kong was also down over 1.5%.  The selling spilled over into the European open with the broad market trading sharply lower for most of the day.  US stocks have followed suit. Among the big losers, shares of Fannie Mae and Freddie Mac are down over 10% following yesterday’s proposal from US lawmakers that would include reforming and possibly shutting down the two entities.  In other news, shares of biopharmaceutical company, Oxigene, doubled, at one point soaring 130% higher after the company released positive results from a clinical trial to treat ovarian cancer. Gold is higher by 1.5% amidst the selling while interest rates are lower as money flowed into the safe-haven treasury. Today is shaping up to look quite a lot like yesterday with the S&P500 looking to extend its losing streak to 3 straight days. 

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