- Daily Market Update
- The Dow ended the day up 282.01 points or approximately 1.78%.
- The S&P 500 ended the day up 26.55 points or approximately 1.41%.
- The NASDAQ ended the day up 49.18 points or approximately 1.09%.
- Oil ended the day up $1.11 at $31.45 a barrel.
- Gold ended the day up $14.90 at $1,120.20.
- Additional News
API Weekly Report:
The American Petroleum Institute reported today that crude supplies increased by 11.4 million barrels for the week of January 22, 2016. Tomorrow the more significant EIA report will be released. Meanwhile, as shown above, the price of oil still ended the day up $1.11 a barrel.
China Oil Demand:
Today state-run China National Petroleum Corporation announced their forecast for China’s oil demand growth for 2016. The forecast cut demand growth from 4.8% last year to 4.3% for 2016. CNPC also forecasted China’s net crude imports to grow by 7.3% compared to last years growth of approximately 9%.
Conflict in the Middle East:
Today Syrian government forces recaptured a “strategically important” town in southern Syria. Syrian’s government forces have made significant gains during the recent weeks as Russian airstrikes continue to destroy their opposition. As President Assad’s government continues to further entrench itself with military victories and the West and its allies remain steadfast in their demands for President Assad to step down the future of Syria remains frighteningly in the shadows. For more information click here
Escalating US and Russian Tensions:
The Kremlin has officially demanded proof from the US Treasury after Adam Szubin, a US Treasury sanctions official, made an on the record comment to the BBC accusing Russian President Vladimir Putin of being corrupt. While the United States has put sanctions on a number of Russian officials in the past the United States government has never gone so far as to place sanctions on President Putin himself. For more information click here
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Your market updates are very helpful! Especially since I’ve been very busy at work and don’t have much time to keep up with the news. Thank you for taking the time to compile this information into an easy to read format that’s both quick and easy.
While everybody is running from energy stocks, I’m thinking about picking up some more shares. Any thoughts?
With the recent market volatility, is it possible that we are heading back into another recession? It seems that company profits are taking a hit again (including the company I work for) and the market is starting to show some cracks. The Fed has kept the market artificially elevated for so long, at this point, it seems nobody really knows what lurking underneath.
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In the next week I hope to publish an article that goes more in-depth on this topic however, the short answer is I am strongly opposed to any company in the oil sector right now.
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