31Jul2015 Market Close: Friday's Market Closing Sees Oil Prices Fall To Multi Month Lows And Stocks Off Half A Percentage Point

Written by Gary

Averages closed lower on a sour note today as a drop in energy stocks eclipsed wage data that supported expectations that the U.S. Federal Reserve might hold off on an interest rate.

The $RUT closed solidly in the green as WTI oil closed below a key support level in the high 46’s. U.S. producers put more drilling rigs to work despite a lingering world-wide glut and oil prices fell to now multi-month lows.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.
	Debt Deadline Draws Near for Puerto Rico Investors are bracing for Puerto Rico to default on about $58 million in bond payments in coming days, as the U.S. commonwealth attempts to restructure $72 billion in debt.
	Uber valued at about $51 billion after latest funding round: WSJ (Reuters) – Uber Technologies Inc has closed a new round of funding that values the online taxi-hailing company at nearly $51 billion, the Wall Street Journal reported, citing people familiar with the matter.
	Wall Street ends lower as weak oil weighs (Reuters) – Wall Street ended on a sour note on Friday as a drop in energy stocks eclipsed wage data that supported expectations that the U.S. Federal Reserve might hold off on an interest rate.
	Athens Is Lifting Stock-Trading Halt Trading in Greek stocks will resume Monday on the Athex exchange, ending a more than monthlong closure during which the country struggled to avoid an exit from the eurozone.
	Liquidity risks overhang high-yield ETFs NEW YORK (Reuters) – Shareholders in the AdvisorShares Peritus High Yield ETF who sold in late 2014 are probably not the last to pay up for liquidity risk, a growing hazard for some fixed-income investors bracing for the first Federal Reserve interest rate hike in nearly a decade.
	July Jangles Markets’ Nerves: Treasury Yields Tumble, Stocks Fumble, & Commodities Crumble No excuse needed… This seemed to sum the talking heads up today… Everyone who loves the ECI index is now searching for another index to like — GreekFire23 (@GreekFire23) July 31, 2015 Everything was awsome today after the worst wage growth in US history sent stocks soaring.. and then they unleashed The Bullard: 1408ET *FED’S BULLARD SAYS “IN GOOD SHAPE” FOR SEPT HIKE: DJ VIA CNBC Complete chaos today… With cash indices ending mixed (Nasdaq desparately clinging to green and Small caps ripped on biotech reach for safety lol!!!) A complete disconnect between yields and stocks until Bullard spoiled the party… Today across bonds, stocks, and gold…
	Pacific Rim free trade talks go down to the wire LAHAINA, Hawaii (Reuters) – Talks on a Pacific Rim free-trade pact faced a fast-approaching deadline on Friday as trading partners aimed to wrap up a deal within hours, with issues including trade in dairy products and monopoly periods for next-generation drugs still unresolved.
	Who needs the Fed? The rate hike cometh on its own NEW YORK (Reuters) – As traders, market pundits and economists jaw over whether the Federal Reserve this year will lift its benchmark lending rate for the first time in almost a decade, several corners of the U.S. bond market are not waiting around.
	Your Money: In Delta’s Frequent-Flier Magic Trick, Not Just Rabbits Disappear Over the last 18 months, the airline has been engaged in some sleight of hand, no longer posting a chart explaining how many miles a free ticket will require.
	IMF is participating fully in Athens debt talks: European Commission BRUSSELS (Reuters) – The International Monetary Fund is participating fully in the ongoing talks for a new bailout program for Greece, a spokeswoman for the European Commission said on Friday, dismissing reports the IMF could be abandoning the rescue plan.
	EU opens in-depth inquiry into Fedex’s planned takeover of TNT BRUSSELS (Reuters) – The European Commission said on Friday it had opened an in-depth investigation into Fedex’s proposed 4.4 billion euro ($4.9 billion) takeover of Dutch rival TNT Express .
	Apple, BMW in courtship with an eye on car collaboration FRANKFURT/SAN FRANCISCO (Reuters) – BMW and Apple may rekindle a courtship put on hold after an exploratory visit by executives of the world’s top maker of electronic gadgets to the headquarters of the word’s biggest seller of premium cars.
	Uber, driver attorneys maneuver toward crucial hearing SAN FRANCISCO (Reuters) – Uber Technologies Inc is jostling with drivers suing for reimbursement of their expenses in advance of an important hearing next week in the fight over whether drivers are independent contractors or employees entitled to benefits.
	Tumbling oil prices slam profit at Exxon Mobil, Chevron (Reuters) – Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Friday, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude.