Oil Hits Five-Year Low

The stock market had a terrible day today. The S&P 500 lost 1.64%. That’s the worst day in nearly two months. In fact, the loss is more than twice as much as the second-biggest loss over that time.

The worst damage was among energy stocks. The Energy Sector of the S&P 500 was down more than 3%. Small-caps were also hit hard. Outside of energy, it was a rough day but not too bad. Defensive stocks like staples and utes were down the least. Of course, that’s why they’re defensives.

All 20 stocks on our Buy List were down for the day, but thanks to not having any energy stocks, we outperformed the S&P 500 by 0.11% today. The selling in oil continues. Oil dropped more than $2 a barrel today to close at $61.22. At one point, it got as low at $60.43 per barrel. This is the lowest oil has been since July 2009. It’s interesting to see that Tesla (TSLA) has been falling as well since lower gas means less demand for alternatives.

eBay ($EBAY) made some news today when they said they’re planning on cutting 3,000 jobs next year to prepare for the PayPal spinoff. That’s about 10% of their workforce.

Posted by on December 10th, 2014 at 10:43 pm


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