WINDERMERE, Fla. ( Stockpickr) -- Stocks are trending slightly lower in early trading Friday as market players continue to worry about the recent spikes higher in crude oil prices. The concern is that if oil prices continue to ramp higher, then higher gasoline prices will put a massive dent in consumer spending and derail the economic recovery.Despite that concern, the S&P 500 is still on track to potentially close for its ninth straight week of gains, which would be the longest winning streaking for this major index since the end of January 2004. The Nasdaq is now within range of closing above the psychologically important 3,000 level, and the Dow Industrial Average is within range of the psychologically key 13,000 area.
5 Stocks Setting Up to Break Out
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts