Street. Stocks plunged, the market turned icy at least for a day. Dow and s p 500 had the worst day since the brexit vote aftermath at the end of june. The reason today, a fed official hinted an Interest Rate hike is not far off. Thats not necessarily a bad thing. It suggests the Federal Reserve thinks the economy is getting Strong Enough to shrug off a rate increase, but it did spook investors who have become accustomed to easy money policies and spooked them doubly because the fed official that spoke is normally in the easy money camp. Here are closing numbers for a bruising friday. Dowjones industrial average tumbled 394 points to 18,085. All of the major indexes fell more than 2 for the week. Biggest weekly drop for the dow since first week of the year. Reporter it is about time. By summer dole drum standards, its a lopg period of volatility. It was two months ago. The feds Eric Rosengren reminded everyone markets arent positioned for a rate hike in september and he made a case it
Julie hyman has the latest on pending home sales. Down, actually. Of january,he month yes, down 2. 5 month over month. Yearoveryear we have a decline of 9 10 of 1 . Of ans a little bit offset there, but we are seeing a decline of 2. 5 as the biggest drop in two years. This does represent a setback in Residential Real Estate going into the spring selling season, which is a very important one for home builders. This is something we will continue to watch, taking a lateron homebuilders today as well. We have a mixed picture over in china. We saw chinese stocks fall here in the u. S. , with a mixed picture, the nasdaq rarely holding on to gains as the s p and dow are lower. For a bit of a deeper dive into the mixed picture, take a look at the map of the various sectors on the move. Materials, utilities, discretionary. The biggest drag today is financials and healthcare shares. On that front, lets point out some movers. Valeant is down. Not on the s p 500, but they are taking a hit. Back as
But were holding down the fort. Japans nikkei reopening after yesterdays Public Holiday and it plunged. 4. 8 . It closed at its lowest level since october 2014. The index is down in seven of the last eight sessions. That is coming as the yen has been rising against the dollar and it comes after yesterdays big selloff in the u. S. This years lowses have erased nearly 1. 8 trillion in value for investors just on that index. The s p is down 10. 5 since the first trading day of 2016. But u. S. Equity futures are rebounding this morning. Part of that is because of firmer oil market. Take a look at what crude is doing. It is bouncing back today following Late Afternoon comments by an opec Energy Minister from the United Arab Emirates that sparked hopes of a coordinated production cut. And though weve heard this story before and havent gotten anything out of it, the markets are interpreting that as a positive. Wti he crude currently up nearly 4 . 27. 21. Brent is sitting above 31 a barrel, up
Saudi arabia shattered all hopes that could bolster prices when he said point blank theyre just not going to happen. Oil prices had risen recently but they reverse course today settling down about 4. 5 . The downward pool on oil pushed down stocks. The Dow Jones Industrial average fell to 16,431. The nasdaq dropped 67 and the s p 500 was off 24. Bryan sullivan has more on the comments from the man who runs saudi arabias oil business. Reporter the good news, dont anticipate gasoline prices to move higher any time soon. Thats because oil is likely to stay allowlower for longer. A crowd was told today in houston that a coordinated Production Cut was not likely. Not many countries are going to deliver even if they say they will cut production. They will not deliver. Theres no sense in wasting our time seeking Production Cuts. They will not happen. Reporter that comment made hed moved the market as disappointed traders sent oil prices lower. Oil prices had moved up a bit on the talk that op
Oil prices lower today. Saudi arabia shattered all hopes that could bolster prices when he said point blank theyre just not going to happen. Oil prices had risen recently but they reverse course today settling down about 4. 5 . The downward pool on oil pushed down stocks. The Dow Jones Industrial average fell to 16,431. The nasdaq dropped 67 and the s p 500 was off 24. Bryan sullivan has more on the comments from the man who runs saudi arabias oil business. Reporter the good news, dont anticipate gasoline prices to move higher any time soon. Thats because oil is likely to stay allowlower for longer. A crowd was told today in houston that a coordinated Production Cut was not likely. Not many countries are going to deliver even if they say they will cut production. They will not deliver. Theres no sense in wasting our time seeking Production Cuts. They will not happen. Reporter that comment made hed moved the market as disappointed traders sent oil prices lower. Oil prices had moved up a