Following one of the worst months for investors in about a year. Stocks staged a steep sell off with the dow dropping 150 points, the nasdaq 19 and the s p 11. Gold rallied 2 dollars and oil slid 74cents. The keystone xl pipeline would have little impact on the enviornment according to analysis by the state department. Environmental lists are disapointed. More studies are still to come. And the head of Consumer Protection bureau Richard Cordray will make an appearance on jeopardy wednesday. Lets find out if Tim Mulholland of chinaamerica capital thinks a selling spree will continue. Good monday morning to you. People are talking about corrections in the market, maybe up to 15 . What do you think . We havent had a 10 correction in over 2 years. In fact, january was our first down month that we had since august. I think given that were not even 3 1 2 down i dont know if id go that far yet i think most people view this as healthy right now and thats because theyre looking at earnings and
Oil, oil was not a dark spot at all today, in fact, it was good news for those looking to see a little bit of those sinking prices getting back to a level where it may not interfere with the economy the way it was beginning to. Oil stepped back about one and threequarters percent today closing at 86. 38. Liz the ecb cutting at least the rate forecast of growth and so, nonetheless, that didnt help the picture, but the tech sector rallying today. As we mentioned, apple helping to push the rebounded after yesterdays steep drop. It hit a fouryear low yesterday. Lets look at iyw, apple makes up more than 22 of this etf which also holds tech heavyweights ibm and microsoft, threequarters of a percent gain, and then the tech etf xlk also rose today. The funds very large holding is, of course, apple. Weve got two ceos coming up that you are going to want to listen to. Tom is the ceo of tmx group. It owns and operates the Toronto Stock Exchange to our neighbors in the north, here in studio talki
And, bad business blunders. How corporations this year are attempting to recover reputations. First business starts now. Youre watching First Business financial news, analysis, and todays investment ideas. Good morning. Its wednesday, december 26th. Im angela miles. In todays first look the final trading days of 2012. Stocks are closing in on the 4th Straight Year of gains. As of last week, the dow was up roughly 7 . The s p climbed 13 . And are you ready for this . The nasdaq is up around 20 . Herbalife plans to respond to accusations that its Business Model is a pyramid scheme at an Analyst Meeting january 7th. The flu season could be good for walgreens. The pharmacy chain stands to make hefty profits with this projected to be the worst flu season in 10 years. And Delta Airlines is hiring 400 flight attendants for overseas flights in the summer of 2013. Applications are flying in. Fresh of his christmas vacation, Tim Mulholland lands on our show today for trader talk. Good morning to
Share. The current agreement is around 3. And gas prices are up a dime since last week. Regular unleaded in 3. 56 per gallon on average. Tim mulholland of china America Capital joins us on this monday morning for a closer look at the markets. We have to talk about the snow situation. How did it affect the market even on friday . On friday we saw such a sharp dropoff in volume. The market in general, volume has been nothing to really write home about, because it has been subdued. And that usually happens in this lowvolatility kind of oneway street, non eventful marketplace. So, when you get a weather concern, it is even less of an incentive for traders to participate in the market. So, a drop off in volume is really a natural occurrence in this environment. You are just back from china. What did you find there . Lots of pollution. I was in beijing for two days. I have been in china numerous times, and this was by far the worst ive ever seen it. But, aside from that, you look at the econ
Including due possibility, freeportmcmoran, dow chemicals and then the spider select materials sector, that down about 3 . Top holdings there, monsanto, dupont. David liz, lets take a look at that index you were talking about, the volatility index. When things go south, as they have, this usually goes up. This is not a stock, this is an index, but there are stocks that are linked to this if you think things are going to continue to go south. This was just down below 15 not long ago, it jumped about 13 today, its up to almost 19 right now. Again, when it got down below 15, people began to wonder, jeez, how low can this thing go . Apparently, it reached its limit at that point. Liz you could argue it was dupont and 3m with earnings reports that people didnt embrace, but todays selloff theoretically started in europe as worries mounted about spains ability to overcome its debt troubles. Again you see that the ftse 100 down about a percent, you saw the dax down 14 Percentage Points as well