Market Recap 21st Oct 2015 – Free Fall? Not Likely…

By Markus Heitkoetter

It was another choppy day for U.S. markets.

Stocks spent most of the day teetering between positive and negative territory. But in the end, a late session sell-off sent stocks lower, and the major indices finished near lows of the day.

The S&P ended the session with a 0.6% loss. The S&P lost 12 points and closed at 2018.94.

The DOW lost 0.3%. Down 49 points, the DOW finished the day at 17168.61.

Like yesterday, the NASDAQ led the decline. The NASDAQ experienced a 0.8% loss and ended the day at 4840.12 with a 41 point decline.

Taking a look at commodities, Crude Oil (CL) can’t seem to catch a break.

After trading at levels not seen since July, CL has been in a virtual freefall. Since breaking the $50 mark on October 9th, CL has lost 9.8%. CL finished the open outcry session 2.3% lower today at $45.22 a barrel. Closing lower 6 out of the last 8 sessions, CL is trading at a 3-week low.

Gold (GC) also struggled, losing 0.9%. Just a few days ago GC was within striking distance of $1200 (the first time since June). Since then, GC has traded lower in 3 of the last 4 sessions. GC ended the open outcry session today at $1167.1 an ounce.

Speaking of freefalls, Valeant Pharmaceuticals (VRX) made headlines today after being down as much as 40%. The drop came after a report published by Citron Research. The report claims that VRX is involved in an “Enron-like” scheme that uses “phantom accounts” to misrepresent sales.  VRX ended the day at $105.98 with a 27.8% loss.

Looking at tomorrow’s economic calendar we have Weekly Unemployment Claims at 8:30am ET, followed by Existing Home Sales at 10:00am ET.

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