Reply #68: What a bi-polar day (2:12 update) [View All]

[ozymandius]

Dow 10,257.49 -23.61 (-0.23%)
Nasdaq 2,089.38 +21.27 (+1.03%)
S&P 500 1,184.65 +6.85 (+0.58%)
10-Yr Bond 44.02 -0.57 (-1.28%)
NYSE Volume 1,687,698,000
Nasdaq Volume 1,284,187,000

1:30PM: The Dow clears the flat line for the first time since the morning's bell. For the first time since July, the price of crude oil fell below $60.00/bbl yesterday. That level has been sustained throughout today's session, and is accompanied by extended pullbacks in both gasoline (off 1.1%) and natural gas (down 0.5%). While recent energy price downswings has left the Energy sector languishing, and paring its year-to-date gain down to 19.9%, the sector demonstrates resilience today. Its weakness of late has perhaps enticed bargain hunters, who have pushed 27 of the S&P's 29 energy consituents to gains - 62% of which are in excess of 2.0%. The sector's standing helps support the overall market, teaming with Materials (+1.5%), Utilities (+1.3%), and Telecomm (+2.6%) in leading the way higher. Separately, energy price action has bolstered the spectrum of transportation issues and pulled the Dow Jones Transportion Average to a 0.6% gain. DOT +0.6, NYSE Adv/Dec 2135/1032, Nasdaq Adv/Dec 1753/1089