Markets End the Week Weak
Euro Bounces Around $1.10 as Greek Markets Open AgainThe doors on the trading floor at Greece’s stock market finally cracked open today, in preparation for Monday’s trading.
When Greek markets reopen, there will be some restriction in place. For one thing, none of the traders will be able to make withdrawals from their bank accounts. All investments are to be made with existing cash on hand. This massive handicap can only mean bad things for a market that’s struggling to find its feet.
There are other restrictions as well, but none so onerous as cash-only trading. Markets were closed last month as they tanked, with some major banks losing nearly 60% of their value overnight. The cash-only restriction is just part of Greece’s plan to implement capital controls in order to help the Euro stabilize and prevent the country from falling deeper into Her depression.
XOM) and Chevron (CVX) -- have seen their profits fall by more than half in this second quarter.
The companies have been doing everything they can to keep profits up, including huge rounds of layoffs and incentive programs for early retirement. It hasn’t been enough, though, as profits fell through the floor. The trend is only likely to continue, as the trading price of crude oil is soft and getting softer, with seemingly no floor at all. In the past month, the price of crude has fallen an additional 20% past already record lows.
In trading today, Chevron (CVX) dipped nearly 5%, losing 4.55 points to close the day at $88.48 per share. Exxon Mobile (XOM) plunged 4.58% and lost 3.80 points to close the day at $79.21.
Published on Jul 31, 2015By Aaron Phillips