Daily Market Update
- The Dow ended the day down 162.61 points or approximately 0.93%.
- The S&P 500 ended the day down 17.31 points or approximately 0.83%.
- The NASDAQ ended the day down 40.29 points or approximately 0.80%.
- Oil ended the day down $1.82 at $40.80 a barrel.
- Gold ended the day up $11.00 at $1,127.90.
- Oil Falls on US Supply Increase
Oil ended the day at a six year low due to a surprise increase in United States crude stockpiles. The Energy Information Administration announced that crude supplies rose 2.62 million barrels last week compared to analyst estimates of a 820,000 barrel decline.
Greece will receive the first installment in its new bailout package of 13 billion euros on Thursday as well as 10 billion euros set aside for the banks. The deal was finalized Wednesday as lawmakers in Germany and the Netherlands gave their approval. For more information click here
- The Fed Delays Raising Rates Again
The Federal Reserve meeting minutes showed that the Fed believes it is not time to raise rates. The minutes said that the Fed would like to see greater improvement in the jobs market before they increase rates but that the job market is almost ready. For more information click here