Midday Report: Crude Rallies on Drop in Inventories; Markets Digest Shock Comey Firing

Stocks were narrowly mixed as markets digested the shock firing of FBI Director James Comey. The worry is that this latest controversy could distract the White House from pushing forward with its tax cut plans. Crude oil prices rose after a weekly reading on U.S. stockpiles showed a large decline. The Energy Information Administration reported inventories declined by 5.2 million barrels in the past week. Gasoline and distillates stockpiles also dropped. Fossil (FOSL) - Get Report tumbled by more than 20% after reporting a net loss more than three times deeper than anticipated. The fashion accessories brand also issued an outlook below expectations. Time (TIME) plummeted after its executive chairman unexpectedly resigned and the publisher slashed its quarterly dividend. Time has stumbled after making the decision to not explore a sale several weeks ago.