Global stocks sank as oil’s decline in price brought about new doubts of the strength of global growth. The S&P 500 plunged 3.5% while the Dow plummeted 3.8%. Internationally, Japan was off 3.1% and Europe sunk 5.8%. The yield on the 10 year Treasury bond sank to 2.10% as investors sought safe havens. Oil finished the week at $57.81 a barrel its lowest level in over 5 years.
November retail sales were aided by the pull back in oil prices as retail sales rose 0.7% in November.
China’s central bank announced it is adding $65 billion to the banking system in hopes of stimulating growth.
The International Energy Agency cut its forecast for oil demand for the fifth time in six months suggesting the world economy would struggle in the coming year.
McDonald’s had the largest drop in sales in 14 years in November falling 4.6%.
Reposted from the Raffa Wealth Management Blog.
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