U.S. Oil Prices Fall to 6-and-a-Half Year Low
Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets, oil prices and Tesla stock.
Following an epic comeback Wednesday, the S&P 500 and Nasdaq pulled the exact opposite move, going from positive to negative in the final hour of trade. As China cut its currency value for a third straight day, the Dow decided to shine; the Dow 30 snapped a two-day losing streak to close slightly higher on the session.
Mid-Western states may be feeling the pinch at the pump as gas prices rose 3 cents overnight, but oil fell to a six-and-a-half year low Thursday, dropping below $42 for the first time since March 2009. Oil settled 2.47% lower at $42.23 per barrel.
Consumers opened their wallets in July, buying up everything from cars to clothing. Retail sales roles more than half a percent last month.
Riding high on these sales numbers is Nordstrom. The company beat second quarter earnings, reporting 9.2% in total sales growth last quarter. Shares of the high-end retailer were up more than 5% after hours.
Is it time to buy in or drive away from Tesla stock? The high-flying electric car company announced plans to raise $500 million from a stock sale. In a show of faith in his company and vision, CEO Elon Musk said he intends to buy $20 million in shares. This sparked a lively bull-bear debate Thursday. Should you take into account that over the past decade, Tesla is up 1,000+%? Or is it the long-term future of electric vehicles to consider?