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Jan 25 2016

Wall St set for lower open as crude oil resumes slide

Market Recap 1/22/16:
 
U.S. stocks ended a volatile week with a massive rally on Friday, as expectations for cold weather send the price of crude oil 9 percent higher. The day’s action was just the latest volatile session for markets, and the recent whipsawing has many investors concerned. If that includes you, we encourage you to listen to our weekly radio program, Money Matters with Gary Goldberg – click here for stations and show times. And if you have accounts that aren’t being managed by Gary Goldberg Financial Services ask for a no-cost, no-obligation portfolio evaluation to review the levels of risks you are exposed to.
The S&P 500 posted its biggest one-day rally of 2016 on Friday, led by energy shares, which have been among the market’s weakest performers of late. Despite the rally, the benchmark index remains down by about 7 percent year-to-date. Also lifting sentiment was new home sales, which surged 15 percent in December, a faster pace than had been expected. On the downside, both GE (GE) and American Express (AXP) fell on the back of disappointing results.
 
Looking ahead:
 
U.S. stock index futures fell sharply on Monday, after Saudi Arabia’s state-run energy company, Saudi Aramco, announced that it was continuing to invest in energy projects. The news was seen as increasing the oversupply glut that has weighed on crude oil prices for several months, a major factor behind recent market weakness. Investors are concerned that persistently low oil prices could signal a broader economic slowdown. Traders also continue to look to the fourth-quarter earnings season, which has largely shown profits falling from the year-ago period, which has also raised concerns of an economic slowdown. Don’t miss this week’s Money Matters with Gary Goldberg; for stations and air times, please click here. Visit our website at www.ggfs.com for more details, including for a free, no-obligation portfolio evaluation.