When investors expect the market to rally into the change of the calendar, better known as the santa claus rally. But so far everyone seems to be searching for santa. And today wasnt any different. Triggered by a better than 3 drop in the global oil benchmark, stocks ended the day lower but well off of their lows. The dow fell nearly 24 points to 17,528. The nasdaq dropped 7 1 2. And the s p 500 was off more than 4 and is once again negative for the year. Bob pisani takes a look at whats going on. Reporter a lot of investors are relying on a yearend push, but we may have the santa claus rally with a big 3 move up last week. The traditional rally during the last five days the trading year and the first two of the new one is called the santa claus rally. Its been a very reliable trade. Its good for a roughly 1. 4 gain in the s p 500 since 1950. But were off to a rocky start. Decembers usually a reliable up month. Its been up six of the last seven years. But its down actually for the mont
When investors expect the market to rally into the change of the calendar, better known as the santa claus rally. But so far everyone seems to be searching for santa. And today wasnt any different. Triggered by a better than 3 drop in the global oil benchmark, stocks ended the day lower but well off of their lows. The dow fell nearly 24 points to 17,528. The nasdaq dropped 7 1 2. And the s p 500 was off more than 4 and is once again negative for the year. Bob pisani takes a look at whats going on. Reporter a lot of investors are relying on a yearend push, but we may have the santa claus rally with a big 3 move up last week. The traditional rally during the last five days the trading year and the first two of the new one is called the santa claus rally. Its been a very reliable trade. Its good for a roughly 1. 4 gain in the s p 500 since 1950. But were off to a rocky start. Decembers usually a reliable up month. Its been up six of the last seven years. But its down actually for the mont
Expanding in spain and italy in june. Nicolas sarkozy denies all wrongdoing as he takes to national tv to defend himself against allegations of corruption. And setting the record straight, volkswagen denies reports it will launch a takeover pick for paccar. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. Well, a warm welcome again to thursdays Worldwide Exchange. You can see the heat map behind me. A bit of a difference to what weve seen for the last few mornings. A bid to the upside taking the stoxx europe 600 up around 0. 25 this morning. We had a relatively unchanged u. S. Market. They did manage to make new record highs for the dow and the s p yesterday. Adp coming in stronger than expected, the second highest since the beginning of 2011. It is a bit of a catch if you look at the payrolls on average. Gains across the board, as i was mentioning there. 0. 4 for the likes of the french and the german markets. The ftse mib now up around 0.
You are watching the pulse. Im guy johnson. Francine is in the building, just not on set. She will be back. Lets get straight to our top story. Oil trading at the lowest level in four years. This the day before opec meets in vienna. A deal to cut output looks increasingly unlikely. Saudi arabias oil minister has said that tumbling prices will stabilize and there is no need to reduce production. Nexen go, venezuela and russia have als decided not to take action. The boss of rosneft has the same view. He has been speaking to Ryan Chilcote in an exclusive interview. He says his country can 60 aand prices as low as barrel. We decided to monitor oil prices over the next year. Possibly everything is necessary. Industry was privatized a long time ago. Owners andrivate peculiarities to working in russia. Like the climate and logistics. Russias Oil Producers will. Eact to market demand efficiency is the main factor of determining market supply. If the demand and the price are adequate to the am
Consequences for your portfolio. Although, they were masked by todays roller coaster of a session. Dow ultimately advancing just seven points, s p dropping. 42 nasdaq. 92 . We were up a lot more half an hour before the closing bell. Made noises about how it was going to crack down on grease. Yeah, were still caught up in that greek tragedy. But i say lets talk about the wild swings in u. S. Stock. And whats behind them. Not about greek bonds and whats not. I say we have to understand the violence, if not embrace it. See if we can profit from the damage and the extreme moves to the upside that might not yet be finished. The most violent down move today, lets go right there. I think its chipotle, which dropped 50 points. On whats widely regards as a less profitable quarter coupled with disappointing guidance. So what are the sellers thinking . Thats what we need to do in this show. Whats in their heads . Well they went out before chipotles string of double digit same store sales runs out