Investors turned risk averse again after the US data showed that personal income grew less than expected. Moreover, the market was disappointed as President Obama’s speech in the Rose Garden yesterday failed to outline concrete measures to boost the recovery. Wall Street opened lowered and continued heading south throughout the day with DJIA and S&P 500 losing -1.39% and -1.47% respectively. For the commodity complex, crude oil dropped, for the first time in 4 day, after climbing to 75.58, the highest level in more than a week, amid worries over demand outlook. Gold price traded sideways with price settling 1239.2, up +0.11%.
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Return of Risk Aversion Drove Crude’s Slide from 1-Week High
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