Oil Back at $40 After Summer Surge

Markets fell again on slightly higher than average volume today. That brings the losses for the Dow this week to over 650 points. It lost another 202.83 points today, and ended the day’s trading at 17,245.24. The NASDAQ fared worst of all, leading the week in declines, as well as the day, with a drop of 1.54%. It closed down 77.20 at 4,927.88. The S&P 500 continued the trend, losing 22.93 on the day and closing at 2,023.04.

The downward pressure was also felt in overseas markets. Stocks were down across Asia and Europe. Japan’s Nikkei fell just over 100 points, and the Hang Seng in Hong Kong plunged almost 500 points.
In Australia, the ASX lost 70 points on the day. Stocks fell across Europe too. London’s FTSE dropped by 60 points, France’s CAC lost 49 points, and the DAX in Germany fell by 74 points.

Fossil Group (FOSL) Plummets 35%

Fossil Group (FOSL) plunged by more than 35% today on news that the watchmaker was acquiring the privately-held fitness accessory company Misfit. This puts Fossil squarely in the growing marketplace of watchmakers turning to digital trends and creating new wearable devices to monitor health and fitness.

FitBit (FIT), which is currently the major player in the wearables segment, also had a down day. The digital accessory manufacturer fell by just over 12% in trading today. The marketplace for wearable devices has been growing in the past 18 months, and it’s starting to get congested with watchmakers-turned-computing companies who are all vying for the first truly must-have wearable device.

Oil Back at $40 After Summer Surge

The price of crude oil is back around $40 after a surge took prices to almost $50 per barrel this summer. The hike in prices was to be expected, since summer driving season has traditionally been accompanied by higher costs to the consumer at the pump. What’s unexpected about the falling price of crude, however, is the way that it’s failed to stop the Energy Minerals sector from booming.

Euro Keeps Slipping Back Toward Parity

Another down day for the Euro could spell a coming crisis for the European Union. Their Euro is creeping back toward parity with the US dollar, something which hasn’t happened for nearly a decade. The Euro ended the day’s trading at $1.08 and falling, a trend which has been in the making for months now.
Published on Nov 13, 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 2016. Content published with author's permission.

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