There are new fears U.S. gas prices will rise even higher now that OPEC and some other countries joined together to slash oil production. President Biden traveled to Saudi Arabia just months ago in an effort to improve relations and to get the Saudis to increase oil production and got rebuffed. Today, the White House said Biden “is disappointed by the shortsighted decision” made by OPEC+. Oil analysts say the cut will probably lead to even more price increases at the pump.
Market Closes Slightly Lower, Ends Rally
The market is ending its two day rally as stocks closed slightly lower today. Private payrolls increased by over 200-thousand in September, which came in above expectations. Some experts believe this is a sign that the market has found its bottom. At the closing bell, the Dow Jones Industrial Average lost 42 points to 30-273. The S&P 500 fell seven points to 37-83. The Nasdaq dropped 27 points to 11-148. Trip.com was one of the day’s biggest winners, climbing up more than five-percent. Meantime, Tesla was one of the session’s top losers, shedding more than three-percent.
