With just one week to go before the Federal Reserve is expected to raise interest rates for the 1st time since June of 2006s, global stocks faced another down day today as the price of oil dropped again and metals lagged. The Dow finished down over 161 points.
According a report in the Wall Street Journal, investors are betting that the Fed will raise rates as they have placed a record $26.6 billion in wagers that 5-year U.S. Treasury notes will react positively to a rate hike in December. There were also fresh signs of weakness in China’s economy and that worried investors that it could have an effect on other economies around the world. The S&P 500 Index dropped for the 4th time in 5 days as the cost of a barrel of crude oil fell to its lowest price since 2009. China’s slowing trade increased worry over the country’s economy and iron ore fell to a historic low.
Here are the final numbers from Tuesday, 12/8/15 on Wall Street:
Dow Jones Industrial Average: 17,569.47 (-161.04/ -0.91%)
NASDAQ: 5,098.24 (-3.57 / -0.07%)
S&P 500: 2,063.62 (-13.45 / -0.65%)