(as of 7:10 AM PST)
The morning
action started with a small bounce from yesterday's broad declines, but the
bounce fizzled in early action and most indexes are in the
red. There is a feeling that stabilization is in the cards with
international markets off their lows. Asia struggled throughout the
night, but ended by stemming most losses, and European stocks are up modestly
in afternoon activity. The decline in the price of oil, due to oversupply
issues, continues to worry investors and is a big reason for early US market declines.
The US dollar is higher against most currencies in a continuing flight to
safety for investors. Precious metals are also up slightly. Expect
continuing market stabilization as the day wears on.
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