US stocks fluctuate as crude-oil prices fall further – Yahoo!7 News

U.S. stocks wavered on Monday, with Wall Street’s bounce back losing steam as the price of oil fell.”We’ve got a pattern now of as goes oil, so goes the market. It doesn’t necessarily make sense, but that’s the nature of the beast until it’s not,” said Art Hogan, chief market strategist at Wunderlich Securities.”When we see any asset class falling precipitously, it’s difficult for other asset classes to catch a bid,” Hogan added.PetSmart (PETM) gained after agreeing to be purchased for about $8.25 billion by a group led by BC Partners. Read More Early Movers: PETM, BOBE, JNPR, MSFT, SNE & more Equities offered muted reaction to a gauge of home-builder sentiment falling a point in December after a large jump last month. A Federal Reserve report had industrial production rebounding in November , after a Fed measure of manufacturing in the New York region dropped in December . Turning negative after a 122-point jump, the Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) lately rose 23.92 points, or 0.2 percent, to 17,304.75, withExxon Mobil (XOM) pacing blue-chip gains that included 20 of 30 components.The S&P 500 (^GSPC) gained 2.97 points, or 0.2 percent, to 2,005.30, with energy fronting gains and financials pacing losses among its 10 major sectors.The Nasdaq (^IXIC) dropped 6.37 points, or 0.1 percent, to 4,647.23.For every three shares climbing, four fell on the New York Stock Exchange, where 226 million shares traded as of 11 a.m. Eastern. Composite volume neared 1.1 billion.

The U.S. dollar (Exchange:.DXY) gained against other global currencies and dollar-denominated commodities including gold and oil fell. “There are winners and losers as a result of the fall in oil prices. Overall, lower energy costs are a net positive for the U.S. economy. Energy prices are exacerbating already existing Russian woes, and the ruble fell to record lows versus the dollar,” Bill Stone, chief investment strategist at PNC Asset Management Group, wrote in emailed commentary.

Crude-oil futures (New York Mercantile Exchange: @CL15F) for January delivery dropped $1.06, or 1.1 percent, to $56.75 a barrel; gold futures (CEC:Commodities Exchange Centre: @GC15G) for February delivery shed $8.50, or 0.7 percent, to $1,214.00 an ounce. The yield on the 10-year Treasury note (U.S.:US10Y) used to figure mortgage rates and other consumer loans rose 3 basis points to 2.1149 percent.

On Friday, U.S. stocks declined, with benchmark indexes posting sizable weekly losses, as crude’s ongoing slide rattled investors.

Read More Oil hits stocks; worst week of 2014 for Dow, S&P 500 Coming Up This Week: Monday 10:00 a.m.: NAHB survey Tuesday FOMC meeting begins Earnings: FactSet, Darden Restaurants, Dave & Buster’s 8:30 a.m.: Housing starts Wednesday Second day FOMC meeting Greek elections Earnings: FedEx, General Mills, Joy Global, Oracle, Apogee, Jabil Circuit, Worthington Indusries 7:00 a.m.: Mortgage applications 8:30 a.m.: CPI 8:30 a.m.: Current account 10:30 a.m.: Oil inventories 2:00 p.m.: Fed statement and projections 2:30 p.m.: Fed Chair Janet Yellen press conference Thursday Earnings: Nike, Red Hat, Winnebago, Sanderson Farms, Accenture, Pier 1 Imports, Rite Aid 8:30 a.m.: Weekly claims 10:00 a.m.: Philadelphia Fed survey 10:00 a.m.: Leading indicators 10:30 a.m.: Natural gas inventories Friday Earnings: Blackberry, CarMax, Finish Line 10:00 a.m.: Chicago Fed President Charles Evans 12:30 p.m.: Richmond Fed President Jeffrey Lacker More From Fed faces big decision over a few choice words Traders go bottom fishing in wave of tax selling New James Bond script exposed by Sony hack: Report

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at
Want something else to read? How about ‘Grievous Censorship’ By The Guardian: Israel, Gaza And The Termination Of Nafeez Ahmed’s Blog

Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *