Posted on 06/12/2014 12:03:58 PM PDT by John W
Deepening turmoil in Iraq is sending U.S. stocks lower, and oil prices jumping, as Wall Street extends its slump.
After days of essentially straight-up action, Wall Street pulled back somewhat on Wednesday. The worst losses were actually taken by the narrow Dow, as several heavyweights skidded into the red.
The losses were extended on Thursday as the situation in Iraq worsened.
The Commerce Department reported retail sales rose 0.3% in May, below the 0.6% increase Wall Street expected. Excluding the auto component, sales rose 0.1%, missing the 0.4% rise anticipated.
(Excerpt) Read more at foxbusiness.com ...
I wouldn’t waste my time on the stock market especially when we got a communist in the white house who makes ho chi minh and fidel castro look tame in comparison. i put my life savings in gold coins i got two south african krugerrands for 2,600 dollars and i exchanged 1000 US dollars for Iraqi diners that will probably go up in value in about three years when the country gets back on it’s feet.
We're a long way from slump. Every time bad economic news comes out, and the Fed does more "quantitative easing" (funny money) and the interest rates stay near zero for savers and unemployment goes up, the stock market rises. A stock market that over the past few years has gone up with bad economic news would have to go way down before it's a "slump".
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