Dow Jones soars above 23,000. Is it too stretched? >>> READ MORE

Dreary Day for Gold, Oil — Wednesday’s IP Market Recap

Gold breaks through its key $1,600 per ounce level


InvestorPlace Market RecapThe European hangover continued into Wednesday, with fears about decreased government spending across the euro zone taking its toll on commodities. Oil futures were down about $5 per barrel, and gold prices fell below $1,600, breaking its 200-day moving average for the first time in almost two years — taking down numerous funds and stocks as a result.

Across the oil world, powerhouses like Chevron (NYSE:CVX) and Hess (NYSE:HES) were sustaining losses, to the tune of 3% and 4%, respectively. The drop also was reflected across oil-based funds, such as the iPath S&P GSCI Crude Oil Total Return (NYSE:OIL, -5.23%), the PowerShares DB Oil Fund ETF (NYSE:DBO, -4.83%) and the United States Brent Oil Fund (NYSE:BNO, -4.39%).

Much that was gold didn’t glitter, either, with the SPDR Gold Trust (NYSE:GLD) down around 3.5% and the iShares Gold Trust (NYSE:IAU) down almost 4%. Miners were especially burned, with Yamana Gold (NYSE:AUY) down almost 6% and NovaGold (AMEX:NG) shedding 5.6%. Silver suffered, too, with the iShares Silver Trust (NYSE:SLV) down about 6%, but those betting against the metal today through the ProShares UltraShort Silver ETF (NYSE:ZSL) had one of the biggest upside surprises of the day, gaining almost 12% on their investments.

The solar sector wasn’t faring much better Wednesday after First Solar (NASDAQ:FSLR) reduced fiscal year forecasts for the third time this year and saw shares shredded by more than 21%. A number of factors have weighed on solar stocks for some time, but First Solar’s news was a strong catalyst that bombed companies like SunPower (NASDAQ:SPWR, -16%) and Suntech Power (NYSE:STP, -4.17%).

Three Up

Three Down

  • Sprint Nextel (NYSE:S): Down 5.02% (12 cents) to $2.27.
  • Charles Schwab (NYSE:SCHW): Down 4.86% (56 cents) to $10.97.
  • Sears Holdings (NASDAQ:SHLD): Down 4.73% ($2.54) to $51.17.

As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC