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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

markets moneygame-us