NEW YORK (TheStreet) --Out of the three major U.S. indexes the Dow Jones was the sole winner during Wednesday's trading session, closing in the green, while both the NASDAQ and S&P 500 finished lower.
CNBC's Bob Pisani commented on what drove the markets today during this afternoon's "Closing Bell." One of the major influences was the move in oil, which closed under $50.
"Everyone's confused, of course, we saw a drawdown in inventories, but the bottom line is OPEC has to do something. We had this so-called Algerian deal; they're supposed to be doing something in November for the next meeting and I think the market is saying they better do something," Pisani noted.
The market is expecting the price range to fall between $50 and $60 per barrel, however, should we end the year in the $40-$50 range, we could have a problem, Pisani added.
Pisani closed by emphasizing that to this point in earnings season; the results have been largely "better-than-expected."