The Only Thing That Glitters is Gold 2/9/16
Japan’s Nikkei dropped 5.4% last night, as the dollar dipped to a November 2014 low against the yen, and yields on Japan’s 10-year bond went negative for the first time ever. China markets remained closed for the Lunar New Year holiday. (CNBC)
Coca-Cola’s global soda volume rose 2% in the fourth quarter, even though Diet Coke continued to suffer declines. Diet Coke’s decline has been largely a U.S. issue. Non-carbonated drink such as bottled water rose 6%. Coke earned a profit of $1.24 billion. Total revenue fell 8% percent to $10 billion in the quarter. (AP)
Sears Holdings, the parent company of Sears and Kmart, continued its sales slump and is closing at least another 50 stores. Kmart is now down to 950 locations from 1,309 just five years ago, while Sears’ namesake department stores now number 708, from 868 in 2011. Sears is also considering selling off more assets, including its auto services business, to raise cash. Holiday comparable sales at Kmart fell 7.2% and 6.9% at Sears, for the worst performance among major department. (Fortune)
The S&P 500 is down 14 and the NASDAQ is down 33. The MSCI international index is down 1.80%.
Oil is up 25 cents at $29.75 a barrel. The slick stuff was down more than 4% yesterday.
Gold is down $2 at $1196 a Troy ounce. Yesterday the bling popped nearly 3.5%. Uncertainty over global growth puts the precious metal on course for its longest rally since 2011. Up nearly 14% for the year. (Reuters)
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Troy Reinhart.
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