Post-Election Crash, Political Tension, and Another Storm: Market Recap
Markets closed down today on Wall Street:
S&P 500: -2.37%, Nasdaq: -2.48%, Dow: -2.36%, Oil: -4.61%, Gold: +0.18%.
On the commodities front, Oil (NYSE:USO) dropped to $84.62 per barrel. Precious metals were mixed, with Gold (NYSE:GLD) climbing to $1,717.60 per ounce, and Silver (NYSE:SLV) falling to $31.83 per ounce about 10 minutes after the bell.
Iraq’s goal of producing 5 to 6 million barrels of oil per day by 2015 may be undermined by political tension. After weeks of speculation, Exxon Mobil (NYSE:XOM) has decided to pull out of a $50 billion oil project in the West Qurna-1 field, and pursue a relationship with Kurdistan.
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Following an investigation of AT&T’s (NYSE:T) data plan policy, the Federal Communications Commission determined that the wireless carrier must pay a “voluntary contribution” of $700,000 to the regulator and refund customers who were charged for more expensive monthly plans without their agreement.
James River Coal Company (NASDAQ:JRCC) closed down 30 percent after negative coal industry speculation was compounded by poor third-quarter results. Earnings came in at a net loss of $0.59 per diluted share, bringing losses for the first nine months of the year to $1.78 per diluted share.
A winter storm moving up the East Coast is threatening New York City and New Jersey shortly after hurricane Sandy devastated the region. Airlines such as United Continental (NYSE:UAL) have grounded flights in anticipation.
Agricultural product supplied Agrium (NYSE:AGU) closed down 10.8 percent after missing its bottom line for the third quarter. EPS came in 48 cents below estimates at $1.34 per share, while retail and wholesale volumes both dropped.