Skip to main content

Stocks, Oil Tumble on Lockdown Fears

Adobe Stock

Adobe Stock

Stocks and commodities were in the midst of a sharp global selloff after investors became worried that strict Covid-19 lockdowns in China could impinge economic activity and stymie supply chains.

The Dow Jones Industrial Average on Friday posted its largest one-day drop in 18 months, losing 981 points, or 2.8 percent. Today, Chinese stock indices lost 5 percent of their value in their worst daily performance in two years, and U.S. stock futures were pointed sharply lower again headed into today’s trading session.

Investors are squeamish not only about Covid-19 policies in China but also the ongoing Ukraine war and its long-term impact on inflation, together with a potentially faster tightening of monetary policy at the Federal Reserve, according to the Wall Street Journal today.

Brent Crude oil declined about 5 percent this morning to below $101 per barrel.



Industry Mourns Cruisers Yachts Owner

K.C. Stock, who was 84, was known for his “commitment to the employees at Cruisers Yachts.”


Grand Banks Purchases Florida Property

The parcel, which is opposite the company’s Stuart yard, has berths for up to nine boats and will increase service capabilities.


Limestone Boat Co. Posts Q3 Results

Unit production was down compared with the second quarter, and revenues decreased 33%.


Yamaha Dealers Now Carry Siren Systems

Siren Marine’s “Connected Boat” technology can be purchased and installed at more than 2,100 Yamaha outboard dealers.


Northpoint Expands Marine Presence

Northpoint Commercial Finance has partnered with Elite Recreational Finance to offer retail financing.


BRP Reports 71% Increase in Q3 Revenues

The Sea-Doo manufacturer had total revenue of $2.7 billion, but North American marine retail sales were down 47%.


Airmar Announces Training Dates

Certified Installer and SmartBoat system classes are being held this month in New Jersey and next year in New Hampshire.


The Survey Says …

Surveying customers to find out what they think about your business has never been more important.


Marine Development Inc. Changes Hands

Mick Webber, the former president/CEO and owner of HydroHoist, has purchased the company from its founders.