Stock Market News: Gold Soars Above $1,500; CVS Looks Healthy
Investors faced renewed volatility in the stock market on Wednesday morning, as fears about trade escalations and central bank intervention created fresh uncertainty. In particular, rate cuts in New Zealand, India, and Thailand all showed the nervousness regarding the health of the global economy. As of 11:35 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 309 points to 25,720. The S&P 500 (SNPINDEX: ^GSPC) dropped 24 points to 2,857, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 36 points to 7,797.
As geopolitical and economic worries mount, investors look for safe havens, and that helped lift the price of gold above a new milestone that market participants haven't seen for several years. Meanwhile, earnings season continued, and the latest news from CVS Health (NYSE: CVS) gave a good reading on how well the healthcare giant is doing.
Gold prices continued their recent climb on Wednesday, with shares of the gold-tracking SPDR Gold Shares (NYSEMKT: GLD) ETF picking up another 2%. Spot gold prices were up $29 per ounce to $1,503 after having hit a high of $1,511 earlier in the day.
Quelle Fool.com
