Markets End the Week Weak

Markets were down in trading today, breaking a 4-day streak that saw the NASDAQ in the black. The Dow lost 56.12 points and closed out the day at 17,689.86. The NASDAQ fell by less than 1/10th of a percent, dropping 0.51 points to close flat at 5,128.28. The S&P 500 split the difference, losing 4.79 points to close out the trading day at 2,103.84.

Euro Bounces Around $1.10 as Greek Markets Open Again

The doors on the trading floor at Greece’s stock market finally cracked open today, in preparation for Monday’s trading.
The Euro responded by doing the same thing it has been doing all month, making small gains and then giving them right back.

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.

Exxon (XOM), Chevron (CVX) See Profits Chopped In Half

This earnings season has been flat-out terrible for energy companies, but that’s no surprise to anyone. What did tae investors by surprise is that two huge oil companies -- Exxon Mobile (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, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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