(as of 7:10 AM PST)
It was a sad day for the world yesterday with the intentional shoot-down of a Malaysian passenger jet with 295 souls on board. With indications that Russia is implicated in the shoot-down in association with Ukraine rebel groups allied with Russia, it paints a grim picture of what terrorists and powerful international thugs will do to bend the world their way. The way the world pictures the safety of international flight has changed forever and it is only time before other terrorist groups take the bold step of targeting innocent travelers in the sky. The stock market had a negative, but surprising muted, negative reaction to the shoot-down, an amazing example of the complacency of investors to the worst of the worst in international affairs. Markets were down about one percent at yesterday's close. It's business as usual today, however, with profit reports dominating the headlines and market bouncing off of prior day lows. Gold, which skyrocketed yesterday on the shoot-down, is giving back some gains and oil is under selling pressure as well. It might be hard to maintain gains through the day as the sobering after effects of the tragedy sink in. Israel's invasion of the Gaza strip is big news as well, but it is an old continuing saga of human tragedy that investors shrug off as a rerun of prior incursions.
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