Stocks at Wall Street started trading in mixed fashion and continued to be in the same status on Tuesday, 27 October, 2009. The major indices continued to trade in mixed fashion as stocks struggled to find their direction during a session without much leadership. Nevertheless, Dow managed to end in the green with help from energy stocks.
The Dow Jones Industrial Average ended higher by 14.21 points at 9,882.17. The Nasdaq Composite Index, ended lower by 25.76 points at 2,116.06. S&P 500 ended lower by 3.5 points at 1063.41. Dow was up by 100 points earlier during the day.
Four of ten sectors ended in the green led by energy and telecom sectors. Consumer discretionary and industrial sectors were the main losers.
Stocks were stuck in choppy trade since the opening bell. They had made their way to modest gains, but a disappointing October Consumer Confidence data induced some selling pressure in the early going. Energy stocks have been a primary source of support.
The Conference Board reported today that the index of consumer confidence slid to 47.7 in October from 53.4 last month, the Confer. Market was expecting a figure of 53.5.
The energy sector was up more than any other sector today as integrated oil and gas companies rose due to better-than-expected quarterly results from BP. A solid rise in oil prices has also helped energy stocks.
Crude prices ended higher at Nymex on Tuesday, 27 October, 2009. Prices rose as traders anticipated that tomorrow's weekly inventory report will show drop in crude product inventories. On Tuesday, crude-oil futures for light sweet crude for December delivery closed at $79.55/barrel (higher by $0.87 or 1%). Last week, crude ended higher by 3.4%.
In the currency market on Tuesday, the dollar index, which calculates the strength of the dollar against a basket of six other currencies reversed its course after dropping earlier during the day. Last week, it had dropped to fourteen month lows.
Precious metal prices ended lower on Tuesday, 27 October, 2009. Prices fell due to the rebounding dollar which rose due to the weak consume confidence report. On Tuesday, gold for December delivery ended at $1,035.4, lower by $7.4 (0.7%) an ounce on the New York Mercantile Exchange.
Other than company earning, there are a couple of economic reports expected. Both are in the durable goods sector.
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