A Good Day Turns Ugly For The Dow
Markets were up and down all morning, but they settled down into a losing trend after lunch. The Dow lost -80.61 points and closed at 17,977.04. The NASDAQ performed the best of the major markets, but it still lost -7.73 points today to close at 4,988.25. The S&P 500 fell -9.63 points and closed the day at 2,092.43. In overseas trading, everything but the surging Hang Seng was down. The Hong Kong market added another 743.95 points in preparation for the latest roller coaster ride.
Warren Buffett Is Optimistic About Procter & Gamble.
Oil Companies Continue Losing Money At $50. American oil companies just aren't making as much as they used to. Oilfield workers are being laid off by the tens of thousands, and profits are still down across the board. In trading today, Tesoro (TSO) lost -3.86 to close at $82.12. Valero Energy (VLO) lost 2.27 points per share, and closed at $57.46. Marathon Petroleum (MPC), a major player in the marketplace, took a 3% dip today. Marathon lost -3.21 points to close at $97.21.
Where Did The Health Services Sector Make Money Today? The same places that's it's been making money for over a quarter, really: Staffing and pharmaceuticals. Nursing services company Almost Family (AFAM) rose 3.79 points in trading today, and closed at $45.99 per share -- and it's up over 100% on the year. Fellow nursing services small-cap iKang Healthcare (KANG) was up almost 6% on the day. Another small-cap, Cipher Pharmaceuticals (CPHR), posted 25% gains, growing 2.06 points per share to $11.75.
Currency And Commodities. The dominant trend in the currency market right now is the sluggish dollar. The fact that the Euro is struggling right now of all times, against a relatively stagnant US Dollar, could end up meaning major things for the EU. The Euro is down almost 3.5% over 5 days. Asia and the pacific look much stronger, and in fact exports have been slowing as a result.
Gold is stagnant around $1,200 per troy ounce, and probably won't break loose either way until the Fed hikes rates when they get around to it -- the latest news is that the June rate hike could be delayed until September. Oil may stay steady this summer around $50 on reduced European demand, but prices at the pump in America will probably stay below $2.60 this summer.