Down Down 150 Points Despite a Late Rally
Oil Drops To $45 Per Barrel.
Ensco Leads Energy Sector In Losses Today. The falling price of crude oil continued to take a toll on the struggling energy sector today, driving down the share price for domestic producers even further. Ensco (ESV) was the big loser on the day, falling nearly 7% to $20.46. Transocean (RIG) also continued to fall, losing -0.67 points today and 13% this week, with share prices ending the day at $13.60. Seadrill (SDRL) also fell today, down -0.56 points to close the day's trading at $9.12 per share.
What's Happening With Avon? Avon Products (AVP) has been in a slump lately, losing 13% over the past 5 days. Despite a surge in domestic consumer spending, Avon is reliant on a weak dollar in order to boost exports. The company has consistently hit domestic sales estimates, but the strengthening dollar is raising the cost of its cosmetics overseas and the business as a whole is suffering. Avon (AVP) dropped another -0.48 points today, and ended trading at $7.72 per share.
GameStop Gaining Again. After a slight dip earlier in the week, GameStop (GME) is on the rise again. Investorguide.com predicted share prices would shoot to over $40, and we were right on the money. GameStop shot up another 3.5%, or 1.38 points, to close the day at $40.70 per share.
Mall Owner Macerich Recovers After Dip. After a successful $22.4 billion hostile takeover by Simon Property Group (SPG), Macerich (MAC) stock stalled out. Both businesses saw share prices rise in trading today. Macerich gained 2.08 points and closed at $94.39. Simon Property Group was up 0.38 points to close at $183.98 per share.
Bond Yields Up Again As The Dollar Continues To Dominate. Worries over the Fed's coming rate hike and a falling stock market weren't enough to keep bond rates from rising. The US Dollar is outstripping all other foreign currencies, with very few exceptions, and retaining its position as the safest place to put cash over the long term. The yield on 10-year Treasury notes rose to 2.11% today, and high-yield corporate bonds were up as high as 6.16%.
Published on Mar 13, 2015By Aaron Phillips