Crude Oil Falls Below $60 a Barrel, Lowest Price Since 2009
The Dow Jones and S&P 500 ended a 3-day losing streak today in wake of a report showing strong retail sales in November. Crude oil prices continue to fall, plunging below $60 for the first time since July of 2009. This is seen as a 'tax-cut' for U.S. consumers as many people are spending what they would on gas on other parts of the economy, thus the strong retail sales last month. LendingClub (LC) debuted their IPO today at $24 a share, marking a 63% increase for investors who bought into the public offering on Wednesday. LendingClub is being dubbed the largest U.S. tech IPO of 2014; Alibaba (BABA) held the largest tech IPO of 2014 after the Chinese e-commerce company raised a record $25 billion in September.
Word on the Street
- Unemployment claims fell last week.
- Ford (F) switches to Blackberry (BBRY) for Sync 3.
- How much will Burger King (BKW) save in taxes?
- Investors push for a Staples (SPLS) Office Depot (ODP) merger.
- Facebook (FB) made Instagram 10 times as big.
- eBay (EBAY) may eliminate thousands of jobs in 2015.
- LendingClub (LC) raises $865.5M in initial public offering.