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Written by Value Seeker
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Wednesday, 16 July 2008 |
The Dow was up 276 points today on good news from the financial sector and a continued decrease in oil prices. Today's rally comes after the Dow closed at a near 2-year low yesterday.
Financial and consumer discretionary stocks saw huge gains today after being beaten down for weeks. Investor sentiment has been so negative that any positive news seems to be able to spark a turnaround.
The price of oil continued its downward trend. Oil has dropped considerably the past two days due to Bush's lifting the executive order on drilling, as well as Bernanke stating that oil's prices were too high, given the likely demand for oil due to the weakened US economy.
Disclaimer: Author is short USO
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