European indices close sharply lower after reversing earlier gains
The major European indices tried to continue the rebound to the upside early in the session, but stalled and reversed the sharply to the downside. German Dax was up 161.44 points at session highs. It is closing down -431.29 points or -1.78%.France's CAC was up 47.28 points at session highs, is closing down -121.93 points or -1.49%.UKs FTSE 100 was up 68.40 points at the highs. It is closing down -153.73 points or -1.45%.Spain's Ibex traded up 233.59 points. It is closing down -241.82 points or -1.38%Italy FTSE MIB traded up 320.08 points. It is closing down -728.33 points are -1.61%As London/European traders head for the exits, the US indices are also trading lower with the Dow Industrial Average down -1.66%. The S&P index is down -0.74% and the NASDAQ index is down -0.41%. The small-cap Russell 2000 is a largest decline or with a fall of -1.93%.Looking at the components of the S&P index, energy is leading the way with a gain of 0.53%. Healthcare is the biggest laggard:US yields are higher with the:2 year yield up five basis points at 3.529%.5-year yield up 6.8 basis points at 3.737%.10 year yield up 6.2 basis points at 4.144%.30 year yield up 4.4 basis points at 4.760%.Crude oil is pushing to the upside with the price now above $79 at $79.14 up $3.04 or 4.0%. Iran continues its assault on its Middle Eastern neighbors including Bahrain and Dubai.Gold prices were higher but reversed course after Poland's central bank said they may look to sell gold to pay for defense spending. The price of gold is down $-66 or -1.30% at $5073.57.Silver prices are down $1.76 or -2.18% at $81.70.Bitcoin and down $1300 or -1.78% at $71,397. This article was written by Greg Michalowski at investinglive.com.
