The Herzfeld Caribbean Basin Fund, Inc CUBA closed lower by $0.74 (8.7 percent) at $7.24 in Monday's session. The optimism for commerce with Cuba that was apparent at the open faded quickly into the closing bell.
After a higher open, the ETF immediately peaked at $8.49 and reversed course. That marks the highest level for the issue since it peaked on September 3, 2015, at $8.34.
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The ensuing decline, which was exacerbated when Cuban President Raul Castro, became flustered and was unable to properly address question from the press around 3:25 p.m. ET. In a matter of 10 minutes, the issue swooned from the $8 level all the way to the lower $7 handle.
After eventually making a low at $7.13, it was not able to distance itself from that depressed level by the closing bell.
Image credit: Presidencia de la República Mexicana, Flickr
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