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Daily Recap: Tech Leads Market Decline, Commodities Take a Hit

144 views · Published 17 November 2011 · 6:37 · Indexed 20 October 2026

Channel: T3 Live · 2011 · News & Politics

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US markets fell Thursday as rising borrowing costs across Europe continue to worry investors. Tech stocks were especially weak, with the Nasdaq dropping almost 2%. Stocks were not the only assets to fall today as commodities also took a hit as well. Oil futures fell more than 3% below $100 per barrel, gold (GLD) dropped 2.6% and silver dropped a whopping 6.6%. Investors seem to be raising capital by selling all assets at this stage.
 
Bond markets have painted a much bleaker picture than equity markets over the past couple weeks. Stocks have been consolidating in a wedge pattern that looked poised to resolve to the upside earlier in week, while the 20 year treasury has hardly pulled in from pivot highs. The commodity sell-off can be partially attributed to new that Germany is tightening the clamps. Dow Jones Newswires reported that the European leader has rejected the idea of more ECB-IMF bailouts.

Providing a headwind for the weak market today, although not a very strong one, was good US economic data this morning. Jobless claims dropped to a 7-month low, while October housing starts were better than expected. The action tomorrow will be interesting due to the fact that it is monthly options expiration.


*DISCLOSURES: Scott Redler is long SCO. Tim Kelleher is short JEF, C, BAC, MS, BK, UBS

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