(As of 7:20 am PST)
US stocks are continuing their
retreat this morning after a volatile prior session. Choppy global markets and
a renewed downward pressure on oil prices has investors cautious on a day where
little economic data exists as distraction. A choppy session throughout Asia
ended with most markets higher, as tighter lending rules and disappointing
retail sales in China added to recent worries over economic slowdown in one of
the world’s largest economies. European
indexes struggled from the start and are looking at another day of losses as
political worries in Greece have resurfaced in recent days. The drama continues
in the oil arena, as oil prices slumped over 2% today to $62 per barrel.
Spending budgets are being squeezed by many energy companies dragging the
sector lower as the free fall in oil continues. Gold is flat as are interest
rates while the US dollar is down. The volatility index is on the rise for
the third straight day with more and more investors buying protection on what appears to be an overbought and tired market.
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