By Markus Heitkoetter
￼It was another rollercoaster ride for the stock market today. In the end, stocks were higher. But it wasn’t pretty.
Stocks opened lower but then moved sharply higher after the open. The rally was short-lived, and stocks retreated right back to their opening levels. The rest of the day was just a “tug-of-war” between the bulls and the bears, with no real breakout in either direction.
Today’s reports didn’t help matters. Unemployment Claims came in higher than expected (285k vs the 279k forecast), and Factory Orders decreased (down 2.9% vs. the 2.5% forecast).
Here’s where the major indices ended the day:
The S&P finished with a 0.2% gain. Up 3 points, the S&P ended at 1,915.
The DOW ended 0.5% higher. Adding 80 points, the DOW closed at 16,417.
The NASDAQ increased by 0.1%. Up 5 points, the NASDAQ finished at 4,510.
But today’s crazy moves in the major indices were NOTHING compared to Crude Oil!
CL kicked off the day with a decent gain. But it was all downhill after that. CL experienced a 6.0% swing from session high to session low. And in the end, Crude Oil finished 1.9% lower at $31.68 a barrel.
Metals continued to extend their 2016 gains, helped by a weakening dollar.
The Dollar Index (DX) was down another 0.8%, ending the day at the lowest level since October. This helped propel Gold (GC) higher. GC ended with a 1.4% gain at 1157.5 an ounce, while Silver (SI) added 0.8% and closed at 14.85 an ounce. After today’s gains, Gold and Silver are up 9.1% and 7.6% for the year respectively.
Tomorrow’s the big day as far as the economic calendar goes. At 8:30am ET we’ll get the Jobs Report data which includes Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate.