(As of 7:20 am PST)
After modest gains yesterday,
stock prices are back in the red putting the major US indexes on track for
their first weekly losses in two months.
The dramatic decline in oil prices over the past several weeks is
continuing to ignite fears that the global economy may be at risk of
deflation. Despite the perceived tax
benefits for consumers with falling oil prices, analysts and investors alike
are still deciding if the price drop in oil is positive or negative for stocks and
the global economy in general. Growth concerns in China and Europe are adding
to the selling pressure in recent days. Asian markets finished Friday’s session
mixed but were down for the week. European markets are lower with the Stoxx Europe
600 index on pace for its sharpest weekly decline since 2012. Economic data is
light today, however a report on consumer sentiment from the University of
Michigan showed sentiment sky-rocketing to its highest level since January
2007. Despite the strong reading,
markets maintained firm downward pressure as all signs point to another day of losses to close out a very difficult week.
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