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Tuesday, December 30, 2014

S&P edge up but oil slump continues

The good news is that the stocks continue to edge up with S&P 500 closes 1.80 higher to 2,090.57, a record high.

S&P 500 edge up slightly despite oil price slump and Greece concern

This happened even as there is a flight to safety triggered by a sell-off in Greek bonds, while crude oil prices tumbled after a short-lived bounce. Stocks in Athens plunged as much as 11.3 percent before closing down 3.9 percent, while yields on 10-year Greek bonds touched their highest since September 2013.

On the other hand, the EURO touched the lowest in nearly 29 months against the U.S. dollar. 

As for Dow Jones, there is an average down of 15.48 pts to 18,038.23 while the Nasdaq composite added 0.05 points to 4,806.91.

As for the oil, the slump continues with Brent crude futures fell 2.4 percent to $58 per barrel after hitting a high of $60.43. U.S. crude lost 1.9 percent to $53.72 a barrel. 

Crude oil continues to drop

It is worth to take note that each time the oil market tries to pick itself up, there is another wave of selling. The market concerns on the oversupply will stay for quite a while, even as we move into 2015.

Before the Bursa opens today, it's worth to take note that each time there is a sharp drop in the oil prices, the stock market in Malaysia follow suit. Cautious trading is expected....

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