Stocks barely held As Investors Struggle With Strong Data, recent Oil price Drop - Alldamoney

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Stocks barely held As Investors Struggle With Strong Data, recent Oil price Drop

stock market chart

As analysts continue the debate if there will be a continuation of  the post-election outcome on the U.S. Stocks rally. Wednesday morning trade show near break-even level trade, with major benchmarks, moving in and out of negative territory.

Investors were struggling to interpret the long-term effect of a declining oil futures which recently correlate with an upward movement on equities and reports that show the strength of the U.S. Economy. Oil futures went down 3.7% to $45.35 a barrel as concern grow whether  world's biggest crude producers will reach a deal later today to cut global output.

Third quarter Reports on gross domestic product showed that the economy grew at the fastest pace in over two years, while in September; National home prices hit new all-time highs.
Nonetheless, the current drop in oil prices kept the main benchmarks on their heels.
With five of the 11 main sectors trading lower the S&P 500 index was off by 0.1%, or 2 points, to 2,199.while the energy sector went down 1.6%.

The Nasdaq Composite traded 18 points, or 0.1%, at 5,362 while the Dow Jones Industrial Average was flat at 19,102.
For equity's oil giants Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) Shares were among the blue-chip index's worst performers in early trading, both went down more than 1%.
Italian referendum holding on Sunday might also be a major contribute of political risk. A victory for "no" will lead to Prime Minister Matteo Renzi, resignation and the dissolution of Italy's government.

Although the ballot is on proposed constitutional reforms, it is generally perceived as a vote of confidence in his government.

At the global markets European stocks traded lower, while Asian markets also closed lower. Gold futures had a slight pull back, just as a little change is seen in the key dollar index.

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