Dow Posts Seventh Straight Loss As Oil Slides Below $40

[Purveyor]

Source: USA Today

Nathan Bomey, USA TODAY 4:04 p.m. EDT August 2, 2016

Stocks fell Tuesday as traders absorbed earnings reports, a disappointing Japanese stimulus plan and personal income and spending data, while hard-hit oil prices closed below $40 per barrel for the first in more than three months.

The Nasdaq composite, S&P 500 and Dow Jones industrial average closed down 0.9%, 0.6% and 0.5%, respectively. The Dow slid more than 90 points to 18,314, its seventh straight loss.

The blue chips last had a seven-day losing streak back in August 2015.

Crude oil on the U.S. market had rebounded slightly in the morning to put a little distance above the $40 per barrel number — only to slip back below that level by the close of trading in the afternoon. WTI crude ended the day down 1.4% to $39.52.

The U.S. Bureau of Economic Analysis reported that personal income rose 0.2% in June, matching May's growth rate, while personal consumer spending rose 0.4%, also matching May's rate.

Read more: http://www.usatoday.com/story/money/2016/08/02/stock-markets-dow-sp-500/87946892/

[whatthehey]

1. Damn. That's only up 910 for the year after this 7-day drop. 5% in 7 months. Mattress time!

[bluestateguy]

2. While my heart breaks for the oil traders

that also means cheaper gas, which is a good thing in an election year when you are trying to stop fascism.