OIL COLLAPSE PUMMELING THE MARKETS
U.S. stocks suffered broad losses on Tuesday … extending a dismal start to the new year.
The Dow Jones Industrial Average closed at 16,153.53 – down nearly 296 points (or 1.8 percent of its volume). Meanwhile the Nasdaq closed at 4,516.95 – a drop of 103.42 points (or 2.24 percent of its volume). Finally the S&P 500 shed 36.35 points to close at 1903.03 – a 1.87 percent sell-off.
By comparison, all three indices posted record highs in 2015 – with the Dow hitting 18,312.39 last May, the Nasdaq hitting 5,218.86 last July and the S&P peaking at 2,130.82 last May.
What’s driving this collapse? Plunging oil prices.
A barrel of West Texas Intermediate crude dipped 5.5 percent to $29.88 – while the global benchmark Brent fell 4.4 percent to settle at $32.72 a barrel. By comparison, West Texas Intermediate crude stood at $147.27 per barrel back in July 2008 – while Brent hit its all-time high of 145.61 that same month.
Obviously low oil prices have resulted in savings at the pump … although as we predicted consumers aren’t pumping that money into the consumer economy, they are spending it on Obamacare. In fact, new health care spending was the primary driver of last quarter’s anemic 0.69 percent “growth.”
If at first you don’t succeed, try try again.
Don’t know about non-discretionary spending…
I’m in the market for a new hybrid bicycle & 4K HD TV (end of season and will buy in the next day or two before the Superbowl), a new gas grill (preseason) and some home maintenance stuff like replacing a water line (300 feet!), New fence for my pasture (4 acres), overhauling my tractor (preseason) and stuff like that.
Bought a new laptop a few months ago and renewed my subscription (4 years) for Sirius FM (oops..”SiriusXM”) as well………
Things could go to hell tomorrow but as of now it’s OK on my little island…….
And for that I am extremely grateful………..
?my neighbor’ s mate Is getting 98$. HOURLY. on the internet?….A few days ago new McLaren F1 subsequent after earning 18,512$,,,this was my previous month’s paycheck ,and-a little over, 17k$ Last month ..3-5 h/r of work a day ..with extra open doors & weekly. paychecks.. it’s realy the easiest work I have ever Do.. I Joined This 7 months ago and now making over 87$, p/h.Learn More right Here:89????? http://GlobalSuperEmploymentVacanciesReportsOnline/GetPaid/98$hourly…. .?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:?:::::89…..
What goes up, must come down.
In fact, new health care spending was the primary driver of last quarter’s anemic 0.69 percent “growth.”
When it eventually sets in as to how much ObamaCare is going to going to cost the average working American, people will be voting for its repeal. If you have been keeping up with the VA and think that is bad healthcare, you have not seen anything till ObamaCare is fully implemented.
Out state pension fund is doing awful bad. We need change, and I don’t mean quarters and dimes.
I am not seeing the savings anywhere other than the gas pump. Car repair parts are very expensive. Grocery bill is still very high. I just dropped Direct TV and went antenna because I got tired of paying almost $100 dollars a month to watch the 10 channels that had anything I was interested in watching.