The markets were shut on Monday owing to the celebration of Martin Luther King Jr. Day.
However, looking at the dismal performance of last week, there was little hope on the performance as the bell rang on Tuesday morning.
To take a look back, the last financial quarter began with a slow start as Chinese markets didn’t seem to be doing so well. Due to this, Forex took a dip and so did the Dow Jones. Also, retailers didn’t do as was forecasted over the Holiday season. Crude oil closed at below $30 a barrel. With the burden of international markets facing a bearish market, US Stock prices dipped and went in the red – something that hadn’t been seen in over 4 years.
However, at the start of Tuesday, Chinese markets had already picked up, which was good news for the broker floor at NYSE. Shares in Europe as well did good, going up by over 1 point.
Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey said, “I wouldn’t be surprised if the markets end up today. But you’re just having this testing of what the bottom on energy is and no one knows the impact of a complete collapse the energy industry would have on U.S. equity prices.”
Markets are yet to shut for the day, but it looks like things will be picking up. We need to wait for the final bell before anything can be said. After all, this is the Stock Market and here, anything can happen.