Markets Fall As Bailout Hangover Continues: Here's What You Need To Know

David Cameron

First, the scoreboard:

DJIA: Down 35 points to 10,749, down 0.33%

NASDAQ: Flat at 2375

S&P 500: Down 3.96 points to 1156, down 0.34%

Commodities:
Oil: Down 1.05% or $0.81 to $75.99 a barrel.
Silver: Up 4.37% or $0.81 to $19.36 an ounce.

By far the biggest winner though: Gold, soaring to above $1230.

Gold: Up 2.63% or $31.60 to $1233.40 an ounce.

Now here’s what you need to know before you leave the office:

  • David Cameron is now Prime Minister of the United Kingdom, as his party, the Conservatives, are to form a government with the Liberal Democrats. The pound is up on the news.
  • Gold has hit an all time high today and is now trading above $1230 an ounce. The commodities moves against the euro have even been more drastic.
  • It has emerged that the U.S. government exposure to the EU bailout announced Sunday evening is at least $50 billion. That number could creep up as countries demand more from the ECB as their funding positions worsen.
  • The Senate has approved a measure to audit the Federal Reserve with a 96-0 vote. That audit will reach back into the Fed’s lending procedures from before the beginning of the financial crisis in 2007 to today.
  • aluminium king Alcoa was down around 3.7% today as fears China will tighten further grew.

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