Wednesday, October 27, 2010
THE CHINESE SILVER BULLET
China has announced it is reducing it Silver exports by 40%. But guess what? Chinese exports of silver are already down 60% from 2009 levels. China is already treating silver for what it is: a rare earth metal.
Markets Slammed As Dollar Jumps
Market Recap: October 27th, 2010
The major U.S. equity indices are trading lower Wednesday as investors grow more conservative about the central bank's attempts to stimulate the economy. Durable goods orders rose 3.3% in September to a seasonally adjusted $199.16 billion, beating consensus estimates for a rise of 2.5%. New-home sales in September rose 6.6% to a seasonally adjusted annual rate of 307,000, ahead of consensus estimates of 4.2%. In corporate news, Whirlpool (NYSE:WHR) shares are trading 4.84% lower at $80.43 after the company reported that profit fell 9.2%, despite sales strength in Latin America and Asia. The Dow Jones Industrial Average (DJI) is trading 1.23% lower at 11,032.13, the S&P500 (INX) is trading 0.99% lower at 1,173.95 and the Nasdaq Composite (IXIC) is trading 0.57% lower at 2,483.17.
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