Apple and the financial sector ended hopes for a three-day winning streak
Wall street was mostly lower on Thursday and traded within a narrow range as oil prices rose to 7-month highs. All three major benchmarks moved into negative territory early in the session, mostly dragged down by the financial sector, which was the worst performer among all sectors. Apple also weighed on the market as it traded around 0.5% lower. Furthermore. Apple and Goldman Sachs were the worst performers and accounted for most the declines seen in the Dow Jones Industrial Average. By mid-day, the Dow Jones fell 0.2%, the S&P 500 declined 0.15%, and the Nasdaq Composite remained virtually flat at 0.04% lower.
In the meantime, oil prices rose above $50 a barrel for the first time in seven months amid ongoing supply disruptions in Libya, Nigeria and Canada. However, prices later retreated from $50.21 to $49.47 a barrel. Investors are still skeptic of the recent gains as the likelihood of any price support from OPEC is slim due to ongoing conflicts within the organization.
This week’s major economic data releases conclude with U.S. GDP data and comments from the Federal Reserve’s Janet Yellen. For the most important binary options news, stay updated with OptionsClick, the top binary options trading broker.
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