Yesterday’s rout was the worst first day of trading for the DJIA since 1932 and the worst opening session for the S&P500 since 2001.
The move higher in oil prices due to the Saudi Arabia-Iran dustup ended rapidly. WTI is back around $36 after peaking yesterday at $38.40.
Fiat and Ford reported December US sales results that fell a bit short of expectations, while GM’s December sales met consensus estimates.
Shares of Smith & Wesson have risen to their highest value since 1999 after the firm raised its sales forecast and President Barack Obama announced new restrictions on gun sales. SWHC raised its Q3 guidance sharply, citing demand for its products in the wake of the terrorist shooting in San Bernardino, CA. Shares of Sturm, Ruger were up 8% in sympathy.