Suddenly Everyone Sells Everything For Dollars: Stocks Fall, Oil Tanks, Gold Gets Crushed, Volume Exploded. Fed Officials Divided On Future of QE. Is the Big Reset Imminent?
February 20th, 2013
STOCKS FALL, OIL TANKS, GOLD GETS CRUSHED: Here’s What You Need To Know
Things got ugly.
First the scoreboard:
Dow: 13,927, -108.1 pts, -0.7 percent
S&P 500: 1,511, -18.9 pts, -1.2 percent
NASDAQ: 3,164. -49.1 pts, -1.5 percent
And now the top stories:
There was a hodge-podge of news today, and for the most part it was negative.
Housing starts dropped 8.5 percent to 890k from last month’s reading of 973k. This was much worse than the 920k level economists were looking for. Housing has been a rare bright spot for the global economy. So far this week, we’ve gotten two disappointing housing reports.
Caterpillar, the global supplier of construction machinery, reported a set of ugly dealer sales statistics. In the three months ending in January, the global sales decline accelerated to 4 percent. The North America and Asia/Pacific regions both saw double-digit declines.
Oil Is Getting Crushed On Heavy Volume As Commodities Get Massacred