The Closing Look
Stock Market Commentary:
Stocks vacillated between positive and negative territory all morning but closed higher as the market tried to bounce after last week’s steep decline. Oil prices opened lower but turned higher as this market tries to bounce from deeply oversold levels. The benchmark S&P 500 also turned higher after briefly falling below the psychologically important level of 2,000 intraday. It was the first time the S&P 500 broke below 2000 since mid-October.
Stocks vacillated between positive and negative territory all morning but closed higher as the market tried to bounce after last week’s steep decline. Oil prices opened lower but turned higher as this market tries to bounce from deeply oversold levels. The benchmark S&P 500 also turned higher after briefly falling below the psychologically important level of 2,000 intraday. It was the first time the S&P 500 broke below 2000 since mid-October.
Gary’s Thoughts: Reversal day to the upside as a few indices undercut but finished above support. This should lead to some upside testing but don’t blink as markets were all over the map. And of course, Wednesday’s Fed day. Enough said!