Investors waiting for some financial good news didn’t hear it on Wednesday. SMFN’s Ryan Gaumont reports that stocks rallied late in the day, but the Dow Jones Industrial Average closed down 249 points, a drop of 1.6 %. The Dow had been down 565 points before the rally. Once again, the drop in the stock market was driven by falling oil prices and concerns about the Chinese economy.
U.S. oil prices dropped more than 6% to about $26 a barrel, their lowest level since 2003, after having fallen nearly 30% since the year began. This is the lowest oil price since May 2003.
The Wall Street Journal reports that European stocks are struggling to get moving upward after the sell-off on Wednesday, but stocks in Asia are still in trouble.
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