Wall Street rose today, with the DOW setting a fresh intraday record high, as further gains in oil prices fueled the energy sector and data showed strength in the domestic economy. Crude rose above $55 a barrel today as prospects of a tightening market after last week's OPEC deal has given investors impetus to increase bets in this casino market.
Afternoon trading has slipped off session highs, but is trading sideways on falling volume (SPY +0.5%). The Institute for Supply Management's gauge of service-sector growth rose to 57.2 last month from 54.8 in October.
U.S. stock futures indicated the Dow was ready to open at a fresh all-time high today (SPY +0.4%), with momentum driven as equity investors shook off the defeat of Italy's constitution-reform referendum and amid signs of steady U.S. economic growth. The euro rebounded from 20-month lows and crude prices rose to fresh multi-month highs.
US markets closed mixed and flat (SPY +0.02%) after a payrolls report did little to alter expectations for an interest rate hike from the Federal Reserve this month and bank stocks cooled for a second straight session. The dollar steadied today, trading unchanged against the yen and the euro and crude prices settled in the mid $51's.
US markets appear to be on a precipice and ready to fall off. Trading has been mostly sideways near the unchanged line trying to overcome Friday headwinds. Trading has been somewhat volatile, with major indexes fluctuating between positive and negative territory throughout the session. More downside is seen before the closing bell.
US stock index futures are flat (SPY -0.07%) and expected to open flat. Investors took profits in crude today after an aggressive agreement among OPEC members to cut production and tackle the global supply glut. WTI crude is trading flat and on track for weekly gains of around 10%. Today's main market event, nonfarm payrolls (NFP), came in higher than expected.
US major indexes closed fractionally lower with the DOW closing up 68 points (SPY -0.8%). Declining technology stocks pulled both the Nasdaq and the SP 500 indexes into the red today, while gains in bank and energy shares helped push the Dow to a record high close.
U.S. stocks were mixed after the close on Wednesday, as gains in the Oil & Gas, Basic Materials, and Financials sectors led shares higher while losses in the Utilities, Telecoms and, Consumer Goods sectors led shares lower. Crude oil for delivery in January rose 8.51% or 3.85 to hit $49.08 a barrel, while the February Brent oil contract rose 8.85% or 4.19 to trade at $51.51 a barrel. Gold for February delivery was down 1.31% or 15.65 to $1175.15, while the dollar rose against the euro and the yen, the US Dollar Index was up 0.57% at 101.56.
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