Late Selloff Pushes Indices Lower
The major averages hit or neared record highs
intraday after overcoming some early selling pressure, mixed
economic numbers and rising oil prices. However, a selloff in the
last hour of trading nudged them into negative territory and
prevented the Dow from closing at a new record high.
Among today’s major stock news, Alliance Data
agrees to become acquired by private equity firm Blackstone in a
$7.8 billion deal. ADS shares jump nearly 25%.
June crude futures jumped by 3.8% to $64.92 a barrel on speculation that gas
supplies won’t be high enough to meet this summer’s demands.
June gold futures continue to slide currently down 0.6% to $657.50
an ounce.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com