Featured # Markets | 2 years ago

Wall Street Opens Even As Oil Prices Give Up Gains

On Monday, Wall Street saw minimal changes after Friday’s lackluster U.S. jobs report indicating the Fed will hike rates only once in 2016, while careful investors allowed for only a short-term rebound in oil prices. Crude prices gave up early gains made after wildfires in Canada hit supplies, and dropped 1.1 percent. Next, U.S. stocks broke a thee-day losing streak and closed up on Friday following investors directing their attention to the positive spots of a broadly disappointing April’s jobs report. In two- weeks, mixed U.S. economic data and doubt over the direction of future interest rate hikes had hindered a stock market rally that had seen the S&P advance almost 15% from lows in February.

“While the fundamentals for U.S. growth continue to be good, uncertainty and risks remain,” Charles Evans, president of the Bank of Chicago reported in London on Monday. “In my opinion, the continuation of ‘wait and see’ monetary policy response is appropriate to ensure that economic growth continues,” he added.

During Monday morning’s trading session the Dow Jones industrial average fell 20.4 points, or 0.12%, at 17,720.23, the S&P 500 fell 0.65 points, or 0.03%, at 2,056.49 and the Nasdaq Composite gained 0.13 points, or 0%, at 4,736.29 Six of the 10 major S&P 500 sectors advanced, with the health index’s. SPXHC 0.76 percent increase leading the advancers. Lastly, falling issues outnumbered gaining ones on the NYSE by 923 to 668. The Nasdaq, 1,190 issues dropped and 1,031 increased. And the S&P 500 displayed one new 52-week high and no new lows, while the Nasdaq recorded seven new highs and six new lows.

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