Stocks today fell on weak economic data from China coupled with fears of a US rate hike. At the close the Dow posted a 45 point drop to end the session at 18,098 on heavy trading volume. Still the day was not all that bad as an early 170 point drop was erased and the Dow closed in the upper end of its trading range. IBD has moved the markets to “rally under pressure” so caution is advised.
Shares of Apple are up lately thanks to Samsung’s decision to stop selling the Galaxy 7 phone in light of reports about replacement phones bursting into flames or exploding. I was disappointed with this decision. When I go hiking with the scouts we all bring iphones because they can do so many different things like take pictures and videos plus they have GPS and compass functions and can be a flashlight but the Samsung Galaxy 7 does all this and more since it could be very valuable as an emergency fire starter. Maybe the Galaxy 7 will be included as one of the 10 essentials for hikers.
El Presidente’ of Boeing Europe, Sir Michael Arthur, recently gave an interview with the Puget Sound Business Journal where he said the company does not see any negatives from a Brexit other than it will take one unified market and make it two smaller markets. Boeing is forecasting aircraft demand in Europe to be 7,570 new planes in the next 20 years. Production operations in the Puget Sound Region will benefit from continued strong relations with and sales into the UK. Sir “Mike Art” said the European market is not as big as Asia and North America but they are expecting solid steady growth going forward.
Oil was up a bit today with WTI crude trading at $50.45 up a half point while gold gained $5 an ounce to $1,258.