Most stocks spent most of the trading day around the neutral or zero level on light trading before the New Year. The upbeat economic data was offset by the U.S. dollar’s rise against the Japanese yen, as well as an unexpected drop in distillate inventories. More specifically, the Energy Information Administration (EIA) said escalating demand among refiners and a cold front along the East Coast weighed on oil stockpiles last week, sending the front-month crude contract to a seven-week high.
Intra-day volatility send things lower but as the major market indexes clawed their way into the black in the final minutes of trading we saw minimal gains. Crazy for a day that encompassed all of 50 points up and down.
Leave A Reply (Be The First )
The comments are closed.
No comments yet