Business
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Two weeks into the Iran war, risk-averse investors have pulled back on financial stocks while betting on energy and haven assets like gold. Or as Dave Nadig puts it, traders are going “short money, long rocks.”
“They’re buying gold, they are buying oil, they’re buying real assets,” said Nadig, president and director of research at etf.com.
Major banks are down more than 10% year-to-date and private asset managers are down around 30% as investors fret about credit weakness and higher-for-longer interest rates. Meanwhile, Invesco’s Optimum Yield Diversified Commodity Strategy, an ETF that tracks energy, precious metals, industrial metals and agriculture, is up close to 30%.
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Stocks slid again as oil prices spiked on Friday, as the major indexes fell for a third-straight week.
The Dow Jones Industrial Average fell 119 points, or 0.3%. The S&P 500 was down 0.6%. The Nasdaq Composite was down 0.9%. All three marked their lowest close since late November.
The war in Iran was the market’s main driver this week. West Texas Intermediate rose 3.1% to $98.71 a barrel on Friday, while Brent crude oil futures rose 2.7% to $103.14.
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