OPEC's continuing cha-cha-cha dance ahead of its March 16 meeting brought oil prices down on Tuesday, helping bolster stocks. Major averages also got a boost from a series of analyst upgrades in semiconductors and health care.
Perhaps the oil producers have taken to issuing trial balloons the way politicians do but they may need a briefing from Federal Reserve Chairman Alan Greenspan on how to issue less disruptive market signals.
Over the weekend, OPEC officials were talking of possible production cuts, so on Monday oil rallied to its highest price in four months. But on Tuesday, OPEC Secretary General Adnan Shihab-Eldin reversed course and said that the current price "is not conducive to considering cuts in production." Oil futures ended down almost 1% at $51.40 a barrel, albeit recovering from an intraday low of $50.65. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,328.89 | 1,102.47 | 2,211.69 | 35.46 |
Oil *
73.88
|
|
UP
20.63
|
UP
6.40
|
UP
31.64
|
UP
0.59
|
10 Yr
3.55%
SPDR Gold
108.95
|
|
+0.20%
|
+0.58%
|
+1.45%
|
+1.69%
|
Data delayed 20 minutes |
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