The markets closed down today on Wall Street. News out of Europe wasn’t bad, but it wasn’t great either as tensions continued to brew over the status of major global currencies. The euro fell 0.89 percent against the dollar and 0.87 percent against the yen.
At the close: DJIA: -0.30%, S&P 500: -0.18%, NASDAQ: -0.11%.
On the commodities front, Oil (NYSE:USO) fell 0.71 percent to $95.93 per barrel. Precious metals also fell, with Gold (NYSE:GLD) dropping 0.42 percent to $1,671.80 per ounce, and Silver (NYSE:SLV) dropping 1.29 percent to $31.47 per ounce. The yield on the 10-year T-Bill fell 0.004 points to 1.958 percent.
A pyramid scheme is defined by the U.S. Federal Bureau of Investigation as a type of marketing and investment fraud in which the “real profit is earned, not by the sale of the product, but by the sale of new distributorships.” That’s exactly what hedge fund manager Bill Ackman accused Herbalife (NYSE:HLF) of being when he took a $1 billion short position in the company. Since then, the U.S. Federal Trade Commission has reportedly opened an investigation into the company… (Read more.)