The rise in market sentiment driven by the new government formation in Italy was short-lived. Poor news headlines in the Eurozone and the disappointing auction of Italian bonds dampened risk appetite. Wall Street dropped with DJIA and S&P 500 losing -0.61% and -0.96% respectively. In the commodity sector, the front-month contract for WTI crude oil slipped after failing to test 100. The contract ended the day at 98.14, down -0.86%. The equivalent Brent crude contract slumped -1.99% during the day. Gold price also dipped as led by the broad-based decline.
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Situation in Italy and Greece Remains Worrisome
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