Today’s Markets
At the 4 p.m. close in New York, the Dow Jones Industrial Average rose 44.13 points, or 0.53%, to 8324.87, the Standard & Poor's 500 gained 2.28 points, or 0.25%, to 898.70 and the Nasdaq Composite sank 9.12 points, or 0.51%, to 1787.40. The consumer-friendly FOX 50 gained 1.59 points, or 0.24%, to 668.35.
Stocks came way off of their lows by afternoon trading, rising from a 90-point drop at today’s open. However, volume was abnormally light, with less than 900 million shares trading hands.
With little company or economic news to go on and Wall Street coming off a long holiday weekend, Monday’s session was defined primarily by a broad selloff in the commodities complex.
Oil hits 6-week low
Oil futures retreated by $2.68 a barrel, or slightly more than 4%, to $64.05 in New York-based trading. Crude had recently been as high as the low $70s last month. The metals markets were somewhat quieter, with gold trading lower by $6.70 to $924.00 a troy ounce and industrial copper futures falling by 1.8%. That's the lowest settle price since May 27, when crude ended at $63.45.
Nigeria's main militant group said on Monday it had sabotaged a Chevron oil facility and seized a chemical tanker and six crew members, the latest in a string of disruptions to output from Africa's biggest energy producer.
Crude prices hit a record $147 a barrel last July before crashing to $32.40 a barrel in December, as the economic crisis battered global fuel demand
Oil was led lower primarily by gains in the U.S. Dollar, which were up about 0.5% against the Euro and British Pound, and the negative June jobs report coming out of the Labor Department on Thursday, which gave traders concern an economic recovery was still heavily in question.
Oil was led lower primarily by gains in the U.S. Dollar, which were up about 0.5% against the Euro and British Pound, and the negative June jobs report coming out of the Labor Department on Thursday, which gave traders concern an economic recovery was still heavily in question.
Global Markets
In London, the FTSE 100 index fell 0.98% to 4184.91 while Paris' CAC 40 traded down 1.2% to 3082.16 and Germany's DAX fell 1.2% to 4651.82.
In Asia, Japan's Nikkei 225 closed lower by 1.38% to 9680.87 while Hong Kong's Hang Seng fell 1.23% to 17979.41. China's Shanghai Composite rose 1.18% to 3124.67.
In London, the FTSE 100 index fell 0.98% to 4184.91 while Paris' CAC 40 traded down 1.2% to 3082.16 and Germany's DAX fell 1.2% to 4651.82.In Asia, Japan's Nikkei 225 closed lower by 1.38% to 9680.87 while Hong Kong's Hang Seng fell 1.23% to 17979.41. China's Shanghai Composite rose 1.18% to 3124.67.
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