While last week's stocks provided a good boost to the economy, the last day proved to be a miserable one for the stock market. The stock closed mostly lower as compared to last week's gains, with gold and oil prices moving downward. The stocks got lowered mainly due to low trading as the bond market and the government offices were closed for Columbus Day Holiday. However, hopes are still there as the third quarter results are yet to receive.
Weakness in crude and gold basically set the stage for the sell-off in equities, as the gold and the oil have been rallying with the equity market for weeks. However, gold for December delivery fell $ 8.50%, or 1.1% to $ 738.70 an ounce on the New York Mercantile Exchange. The dip in the oil prices at first provided a measure of support to the Dow Jones Transportation Average (-1.2%), but … Read More