The KUIK Closing Market Report for Tuesday, February 23:
Markets ended down.
Index Direction Change Units Index Time Change
Dow Up 229 points 16,621 3:57 PM
S&P500 Down -1.3% percent 1,921 (24.23)
Nasdaq Composite Down -1.5% percent 4,504 (67.02)
30 Year Treasury Down (2) Basis Points 2.60 Annual Yield
Saudi Arabian Oil Minister Ali al-Naimi killed the oil rally. April crude finished down 4% to $31.78 a barrel. At a conference in Houston, he said: “There is no sense in wasting our time seeking production cuts. A freeze in output would slowly allow the ample inventories of crude oil to shrink, but it’s going to take time.” Many market participants were looking for al-Naimi to not only reiterate that a ‘freeze’ would happen, but that it was the first step towards a collective cut in output.
Serving the West Side first I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/why-comments-by-saudi-arabias-al-naimi-slammed-oil-futures-2016-02-23?link=MW_home_latest_news
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