(As of 7:10 am PST)
Stock
prices are turning lower today after a back and forth session on Monday which
ultimately led to a higher finish for stocks. The Dow Jones and S&P500
extended their winning streak to five consecutive sessions while oil prices
closed at the highest level of the year Monday. Things are headed the other
direction in a hurry today as slumping oil prices and disappointing trade data
out of China are weighing down stocks. Chinese trade data, released early
Tuesday, showed exports plummeting 25% in February – marking the eighth
straight month of declines for China. Imports also declined, falling 13%,
reflecting the impacts of a sluggish global economy on the emerging nation. The
Shanghai composite eked out a small gain, while most other Asian indexes finished
lower. European stocks added to the gloomy picture Tuesday with stocks lower
across the board. The economic data calendar is light Tuesday and no Fed speakers
are scheduled to speak, as the FOMC moves into its blackout period ahead of
next week’s meeting. Gold is up slightly while interest rates and the US dollar
are down.
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