The state of the nation’s Big Three automakers has turned more economic data negative, while investors are wary to spend money anywhere as consumer prices and new home construction are frozen. A severe correction amid the housing industry is still in full swing and consumer pricing has plunged to all-time lows, reports Joe Bel Bruno for Associated Press.
On a global scale, the economy is sluggish as well, with market sentiment remaining bearish. Oil prices have fallen to $54 per barrel; could oil prices be bottoming out as the symbolic $50 is near?
The contract for December delivery has settled at $54.39, the lowest since January 2007, says George Jahn for Associated Press. Also on their way down are gas prices. The price of gas dropped below half of their record high as of Wednesday, falling for their 63rd straight day, reports Julianne Pepitone for CNN Money.
The national average is $2.047 per gallon.
- United States Oil (USO), down 40.9% year-to-date