Oil Still Falling, Markets Up
Bad News For Chinese E-commerce.
...But Good News For Other Tech Firms. Apple has continued its stock rally, closing up 3.6 points for a 3.2% gain finishing at 118.95. After heading into murky waters while passing under the stewardship of CEO Tim Cook, Apple has bounced back with nearly 75 million iPhone sales for last quarter that has marked the single best quarter of iPhone sales yet for the American giant, which is making hefty inroads in lucrative overseas markets such as China. The quarters sales numbers put the tech firm neck in neck with Korean manufacturer Samsung, with Samsung perhaps becoming the junior partner in the competitive Apple-Samsung rivalry. Samsung is poised to release a its next latest and greatest cell phone model early this year, offering a competitor to Apple's wildly successful iPhone 6.
No Shakeups For Oil. Oil continues its race to the bottom, as oversupply has driven prices to sub $44 a barrel bringing the price of oil very close or even past what analysts expect marginal producers can handle and still be profitable. The drop in rice has prompted Royal Dutch Shell PLC to announce a $15 billion cut in investment, marking the beginning of what may be a long readjustment to something resembling normal for the global crude market. Despite the oil slump, investors have viewed major oil producers amicably with ConocoPhillips, Shell, BP, and Valero posting moderate gains or negligible losses.
Published on Jan 30, 2015By Travis Lindsay