Poorly performing energy stocks and a significant drop in the price of oil made for a down day on Wall Street. U.S. crude oil dropped $1.52, or a fraction over 4.5% percent to finish the day at $31.87 a barrel. The Conference Board reported that its consumer confidence index fell to 92.2 in February, down from 97.8 in January. The Conference Board is an independent research organization that that serves as source of economic and business knowledge to help companies understand and deal with the most critical issues of our time.
Among the most critical issues the U.S. economy is facing today:
- Severe market volatility
- Plummeting oil prices
- China’s failing economy
- Prospect of negative interest rates.
BTIG Chief Technical Strategist Katie Stockton said-
“Our indicators suggest that the relief rally still has a hold on the market, but we expect overbought “sell” signals to unfold by Friday. With this in mind, we would consider taking down exposure into additional strength”
AS oil prices drop and fluctuate, who are the winners & losers? Watch below.
Here are the final numbers from Tuesday, 2/23/16 on Wall Street
Dow Jones Industrial Average: 16,431.78 (-188.88 / -1.14 %)
NASDAQ: 4,503.58 (-67.02 / -1.47 %)
S&P 500: 1,921.27 (-24.23 / -1.25 %)
