|Day's Range||33,634.63 - 35,114.65|
|52 Week Range||24,618.09 - 35,461.52|
The iShares MSCI Emerging Markets exchange-traded fund (EEM) is down more than 7 percent for the year as trade tensions between the world's largest economies intesify. Among the biggest decliners in emerging markets were Argentine, Turkish, Brazilian and Chinese shares. “This really resulted from the escalation in trade tensions on multiple fronts,” says one analyst.
Once again, the U.S. stock market is getting choppy. Yes, most economists and investors with a brain admit that escalation of global trade-war talk is a net negative for all parties. After all, market research firm FactSet reported in its latest Earnings Insight that second-quarter earnings are expected to rise 19% across the S&P 500(^GSPC) components.
Bloomberg News reported that Latin America's third-largest economy could get a $30 billion loan from the IMF, lifting Argentina's currency from a record low. The Financial Times and Reuters also reported that Argentina is seeking a credit line. For the year, the peso is down more than 23 percent against the greenback despite Argentina sporting the highest overnight interest rates in the world.
No one loves Argentina right now, but a 58% profit could change investors' minds.
Fed Chair Janet Yellen leaves her post after four years, and during that time it was smooth sailing for stocks, with tech shares doubling.
Global markets started the New Year on a strong note, notching up record gains.