Stocks Overcome Early Sell Off
Stocks showed modest gains
during the early afternoon on Tuesday. There was a sell off at the
outset of the session, as Wall Street continued to show caution at
the start of this week’s holiday-shortened trading. A rebound
began about half hour into the day, however, and upward momentum
lasted into the close.
S&P 500 leaders today include
Walmart
(
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PowerRating) and Electronic Arts
(
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PowerRating), both
of which closed higher by 3.5%.
European markets moved off 6-year highs as
disappointing earnings and a sell off in energy related shares
moved markets lower. France’s CAC 40 and Britain’s FTSE
moved lower by 0.5%, while Germany’s DAX index lost 0.1%.Â
Crude for March delivery has closed
lower by 2.2% to $58.07 a barrel as warmer weather is slowing
heating-fuel usage. Crude prices are down 4.5%
year-over-year. Gold for April delivery fell 1.8% to $661 an
ounce.
Our
Daily Market Bias page has been updated with new indicators to
determine if there is a strong bias for the market to move higher
(or lower) the following day. These tables can help you to
pinpoint market conditions that have historically led to
significant up or down moves over the next 1 to 5 days.Â
Click here for more information on our Daily Market Bias
indicators.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com