Stocks Flat as Oil, Gold Hit Record Highs, Dollar Hits Record Low
Stocks closed virtually flat on Monday, as commodities hit record highs and the dollar sunk to a record low. The Dow lost -7.49, the Nasdaq Composite -12.88, while the S&P 500 gained +0.71.
Crude oil surpassed the inflation-adjusted high set in 1980. Gold and platinum hit record highs, and silver hit a 27-year high.
Meanwhile, the U.S. dollar hit a record low versus the euro and a 3-year low versus the yen.
In stock news, the world’s biggest auto-makers reported a drop in sales for February.
General Motors
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PowerRating) sales were down -13%, Ford
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PowerRating) reported a -6.6% decline, and sales at Toyota Motor
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PowerRating) fell -2.8%. Chrysler reported a -14% decline.
Honda and Nissan bucked the trend, reporting sales rose 4.9% and 1.2% respectively.
In related news, the supervisory board of Porsche approved the company to take a majority stake in Volkswagen, Europe’s largest car manufacturer.
Diebold
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PowerRating) $2.63 billion takeover offer.
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