Stocks Slide On Data/Dollar Mixed
Stocks Slide On Data/Dollar Mixed
Stocks declined Wednesday morning as data on inflation, housing and gasoline demand continued to indicate the economy is in recessionary territory. Housing starts and building permits fell to their lowest annual rate on record in October, the Census Bureau said today. CPI had its largest monthly decline since 1947 and the weekly report on crude oil inventories indicated that gasoline demand continued to fall.
“Prices are falling because demand is weakening across the globe,” said Matthew Carniol, chief currency strategist at TheLFB-forex.com. “As far as housing goes it’s obvious there’s no bottom yet in sight, which means prices will need to decline another 10% to 15%.”
In recent trade, the DOW was moving 1.94% lower. The S&P was declining by 3.00% and the NASDAQ by 3.37%. The dollar was trading mixed, with gains of 0.39% on the euro and 0.63% on Australia’s dollar while it lost 0.43% against the yen and 0.66& to the pound. NYMEX crude for December delivery was recently trading 45 cents (-0.83%) lower to $53.94 per barrel and COMEX gold for December delivery was moving $3.00 (0.41%) higher to $735.70 per ounce.
Written by TheLFB Trade Team, © 2007-2008 LFB Services, LLC. All rights reserved. http://www.TheLFB-Forex.com
TheLFB Risk Disclaimer can be found at http://www.thelfb-forex.com/content.aspx?id=174.
The Copying, Broadcast, Republication or Redistribution of TheLFB Content is Expressly Prohibited Without the Prior Written Consent of LFB Services, LLC.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Sorry, the comment form is closed at this time.