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Friday, March 4, 2016
WallStreet Update: Oil price continue to influence the market
The oil price continue to influence the global market, as it makes headline again.
After some stability in oil prices in recent days, the oil prices slipped again today and the market is reacting to it.
In late morning trading on Thursday, U.S stocks were lowered. Earlier in the day, weekly jobless claims data rose unexpectedly but the trend continued to point towards a strengthening and recovering labor market.labor market.
The data comes ahead of the comprehensive labor report for February on Friday. The report is expected to show an addition of 190,000 jobs, compared with 151,000 in January.
Brent crude LCOc1 rose 0.7 percent to $37.20 and is up about 35% from last month's lows. U.S. crude LCOc1 was up 1.1% at $35.03.
The ISM non-manufacturing PMI index slowed to 53.4 in February from 53.5 the month before, but came in above expectations of 53.2.
According to Reuters, as at 11:09 a.m. ET the Dow Jones industrial average was down 21.68 points, or 0.13%, at 16,877.64, the S&P 500 was down 2.18 points, or 0.11%, at 1,984.27 and the Nasdaq Composite was down 9.55 points, or 0.2%, at 4,693.88.
With a solid economic data coming out, the expectations that the Federal Reserve to remain on track in their interest rate hike this year will increase. The central bank meets next on March 15-16.
Reuters also bring us the number of advancing issues that outnumbered the decliners on the NYSE by 1,985 to 904. On the Nasdaq, 1,634 issues rose and 965 fell.
The S&P 500 index showed 8 new 52-week highs and one new low, while the Nasdaq recorded 28 new highs and 14 new lows.