OIL GETS SLAMMED: Here's what you need to know
Advertisement
Stocks closed nearly flat amid a sell off in energy stocks and crude oil. Trading volumes were lighter than usual, and the bond market was shut for Columbus Day.
Advertisement
Advertisement
First, the scoreboard:
- Dow: 17,122.27, +37.78, (0.22%)
- S&P 500: 2,016.43, +1.54, (0.08%)
- Nasdaq: 4,837.38, +6.91, (0.14%)
And now, Monday's top stories:
- West Texas Intermediate crude oil dropped 4% to as low as $47.06. After topping $50 per barrel last week for the first time in two months, futures slumped together with oil stocks, including Chesapeake (~-7%) and Transocean (~-8%).
- In oil-related news, OPEC's monthly report released Monday showed that its 12 members led by Saudi Arabia continue to gush oil. OPEC also forecast a drop in US oil output for the first time in eight years in 2016. And, Goldman Sachs analysts reiterated their "lower for longer" call on oil prices, in a client note Monday.
- Dell announced the biggest tech deal ever with its $67 billion-acquisition of EMC. EMC shareholders will receive $24.05 per share in cash plus tracking stock linked to EMC's interest in VMware. The deal combines "the industry's leading innovators in digital transformation, software-defined data center, hybrid cloud, converged infrastructure, mobile and security", according to the statement.
- Etsy shares tumbled 10% to within 25 cents of their all-time low. Last Thursday, the stock dropped 5% as Amazon launched Amazon Handmade, a rival in the online craft marketplace, which analysts had said could soften Etsy's revenues. The stock received a new "Sell" rating on Monday from James Cakmak at Monness Crespi Hardt.
- Angus Deaton won the Nobel Prize for Economics. He's a 69-year-old Scottish-American professor of economics at Princeton University. His past work focused on issues including inequality, and the links between income and consumption. "To design economic policy that promotes welfare and reduces poverty, we must first understand individual consumption choices," the citation from the Royal Swedish Academy of Science read. "More than anyone else, Angus Deaton has enhanced this understanding."
DON'T MISS: A chart from the financial market's junkyard is 'flashing red' »
Advertisement
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BenQ Zowie XL2546X review – Monitor for the serious gamers
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?