Final Hour Mars Data-Driven Rally

With evidence that wage growth remains absent and productivity still strong, the stock market was able to take crude oil near $60 in stride Tuesday. But the early celebration was tempered by a sharp pullback in the final hour of trading.

Major averages rallied steadily until around 3 p.m. EST on news that productivity had improved while labor costs went down in the third quarter. Productivity improved 4.7% quarter on quarter, while unit labor costs were revised down from minus 0.5% to minus 1.0%.

The news helped stocks digest further gains in energy prices, as cold weather continues to take hold of the Northeast. Crude oil reached an intraday high of $60.76 per barrel before settling at $59.94, for a daily gain of 3 cents. ...