Reply #51: 11:08 EST numbers and blather (knees jerking) [View All]

[UpInArms]

Dow 10,478.78 -29.19 (-0.28%)
Nasdaq 1,990.56 -14.84 (-0.74%)
S&P 500 1,182.43 -5.33 (-0.45%)
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NYSE Volume 589,425,000
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11:00AM: Major indices spike higher following better than expected oil inventories data, but the recovery effort is short-lived, as stocks retrace earlier lows... Crude oil supplies climbed for a ninth consecutive week, rising 3.6 mln barrels versus a more modestly anticipated rise of 400K barrels, and gasoline inventories rose 800K barrels amid higher output from refineries, versus forecasts which called for levels to remain unchanged...

The news initially pushed crude oil futures to their lowest levels of the morning to around $50.30/bbl (-3.0%), but the knee-jerk buying interest in stocks was over nearly as fast as it began, as the commodity's influence on equities remains weak in the face of today's disappointing retail sales data and a growing emphasis on corporate earnings... NYSE Adv/Dec 1279/1664, Nasdaq Adv/Dec 1085/1598