(As of 7:10 am PST)
All
of the major indices have opened slightly higher this morning in an attempt to
erase a three day losing streak. Losses over the last three days have virtually
erased last Friday’s rally. The positive start is being viewed with caution in
light of what we saw yesterday when early gains quickly evaporated as the day
continued. Dropping oil prices continue to drag the market down after the Oil
Petroleum Exporting Countries (OPEC) reported that its oil production rose by
230,000 barrels per day in November. Oil is down below $37 per barrel in early
trading. In other economic news, new applications for unemployment claims rose
to the highest level in 5 months. The increase was more than expected and may
be a market mover today. The prices Americans pay for imported goods declined
by .4% percent which was driven mostly by dropping oil prices. Import prices
have fallen every month in 2015 except for May and June. All of this news
brings an air of uncertainty of what the Fed will do with interest rates when
it meets next week which is keeping investors cautious.
No comments:
Post a Comment