Well, that was ugly.
Out of nowhere, the financial markets had a meltdown, much like President Joe Biden’s brain when he asked a question without his cue cards.
Here is a rundown of what happened:
Dow Jones Industrial Average: -725.81, 2.09%, to 33,962.04
S&P 500: -68.67, or 1.59%, to 4,258.49
Nasdaq: -152.25, or 1.06%, to 14,274.98
U.S. crude oil: -$5.20, or 7.24%, to $66.61
Gold: -$1.70, or 0.09%, to $1,813.30
Silver: -$0.565, or 2.19%, to $25.23
Bitcoin: -$860.68, or 2.72%, to $30,811.80
Ethereum: -$81.36, or 4.28%, to $1,822.30
10-year Treasury yield: -0.1% to 1.199%.
So, why did this happen?
A few factors: concerns over the resurgence of coronavirus cases, surging inflation, OPEC striking a deal, and economic uncertainty heading into the fall.
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