Dow Drops 180 in Heavy Trading
Oil, Gold, and Copper aff Falling for the Same ReasonsThere has been a pattern in the commodities markets lately for anyone paying close attention. The price of crude oil, gold, and copper have all taken major hits recently.
The demand for crude has fallen pretty publicly, with Europe in shambles and people driving even less. Prices are also down on record-breaking production from the US and OPEC, among other sources. It's a similar story for gold. Since the economy has recovered there just isn't as much call for the metal. Industrial needs are being met, and there's still plenty of supply going unused.
Copper has a similar story, too. Recycling of the metal is at all-time highs, and that is taking a big bite out of industrial demand. In the darkest days of 2008, people were ripping it out of the walls of their foreclosed homes. Now scrap prices are so low that it's hard to make a profit selling copper at all, let alone by vandalizing a house to do it.
IBM) plummeted over 10 points, losing 5.86% in real value and closing out the day at $163.07. United Technologies performed even worse in real terms. In dropped over 7 points, losing 7.03% to close the day at $102.71 per share.
Both companies fell hard on the backs of earnings reports which were less than flattering. IBM is struggling to maintain market share in a world where even corporations are embracing Apple's (AAPL) latest iGadget. United Technologies is facing mounting debt and falling revenue, and the shareholders aren't happy.
Harley Davidson (HOG) Share Prices Pop a WheelieAt least one company had a great earnings report today. Venerable motorcycle manufacturer Harley Davidson (HOG) overcame slower than average overseas sales to make a better than expected profit last quarter. Shares of Harley Davidson were up on the news, gaining nearly 5%, or 2.73 points, to close at $57.67.
Published on Jul 21, 2015By Aaron Phillips