Dow enters bear market, S&P 500 closes lower
Stocks declined in early afternoon trading on concerns that the global economy still faces significant headwinds. The Dow Jones Industrial average inched into bear market territory closing at 29,135. The S&P 500 finished the day down 7 points at 3,647. Treasury yields and oils prices continued to rise. This is in part due to the government borrowing more money (by selling bonds) and demand for oil has gone up as markets prepare for a volatile series of winter months. The sterling continues to lose ground against the dollar at 1.07 with analysts expecting it cross below 1 in the coming days/weeks. The “fear gauge” (a measure of how worries investors are about the future) is gaining traction as a topic in the finance media. Housing starts are expected to go back up to levels they were at before the pandemic next year. Bank of America’s clients bought stocks back last week, inferring that their shareholders expect the stock market to go up in the future. In commodities, orange juice futures (someone call Billy Valentine) are also on the up.
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