Democratic Underground - Closing Numbers and Hoo-Haw

Dow 10,262.97 +60.32 (+0.59%)
Nasdaq 1,988.98 -1.79 (-0.09%)
S&P 500 1,124.99 +3.79 (+0.34%)
10-Yr Bond 4.730% +0.026

Close: It was another roller-coaster day for the market, which spent the first half of the session on a track of fresh session lows, but only to recover the entirety of its losses in an afternoon rally that saw the major averages close within a short reach of their respective session highs... The drift lower through the morning was largely the result of a lack of leadership to the upside and participants' hesitancy ahead of tomorrow's OPEC meeting and Friday's Employment report, reflected in the light volume totals ... Yet, at their worst, losses were only mild...

Accordingly, encouraged by a steady decline in the price of crude oil, the market rallied through the afternoon... The price of crude oil dropped over 5%, or $2.37 to $39.96/bbl as oil ministers from several countries, including Qatar, Saudi Arabia, Algeria, Kuwait, and United Arab Emirates reiterated their commitment to vote for increased supply of crude oil at tomorrow's OPEC meeting, with the Kuwaiti Minister saying he sees prices falling $6-8/bbl in 2-3 weeks...

Because of the drop in crude oil prices, sectors including transportation and airline rallied, with groups such as hardware, REIT, chemical manufacturing, and casino & gaming also being among the leaders to the upside... Laggards of note, in the meantime, included the semiconductor, disk drive, networking, oil & gas services, metal mining, and gold sectors... Elsewhere, the bond market closed with losses across its yield curve and the 10-year note down 9/32, bringing its yield up to 4.74%...

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