The economy at large is still lackluster, and retailers such as Starbucks reported sales earnings lower across the board, disappointing the analysts’ expectations. The bond markets are closed for Veteran’s Day, so no reports are expected later.
The optimism China inspired yesterday appears to have been brief, and oil has responded by falling to a 20-month low at $60 per barrel. Hope that the Chinese spending plan would boost the overall economy and divert an overall global slowdown has fallen through the cracks.
Pablo Gorondi for Associated Press reports light, sweet crude for December delivery was down $1.95 midday to $60.46 a barrel. Earlier in the session, it fell as low as $59.32 before rebounding.