WALL STREET >>> Stocks Slip on Oil's New Peak

DJIA Manages Minor Weekly Win
Dow goes down for the day -0.24%
Stocks started the day with a quick surge higher, but the bullish momentum evaporated before the first hour of the session had expired. With oil prices spiking to a new multi-year high north of $112 per barrel, and partisan gridlock in Washington, D.C., threatening to bring U.S. government operations to a standstill, traders decided to err on the side of profit-taking ahead of the weekend. As equities slipped, gold futures capitalized on investors' rising uncertainty. The precious metal powered its way to a new all-time high in today's session, aided by softness in the U.S. dollar and a suddenly risk-averse mood on Wall Street.

The Dow Jones Industrial Average (DJIA – 12,380.05) battled back from an intraday 88-point deficit to close on a slimmer loss of 29.4 points, or 0.2%. Only eight of the Dow's 30 components ended higher, led by Merck's 1% gain. Meanwhile, Cisco Systems and JPMorgan Chase set the tone for the 22 declining blue chips by shedding 1.5% and 1.2%, respectively. Today's dip leaves the Dow squarely between support at its 10-day moving average and the looming 12,400 level. On a weekly basis, the index settled ever-so-slightly higher, up 0.03% from last Friday's close.

Like the Dow, the S&P 500 Index (SPX – 1,328.17) pared the worst of its losses by the close, ending the day narrowly above its 10-day trendline. The SPX finished on a minor deficit of 5.3 points, or 0.4%. Finally, the Nasdaq Composite (COMP – 2,780.41) endured the steepest daily drop, but kept pace with its peers by holding steady north of its own 10-day moving average. The COMP ended the day off 15.7 points, or 0.6%. For the week, the SPX and COMP each shed 0.3%.

Crude Rises Above $113 pb >>> A 30 months peak.
Crude futures continued their relentless climb, peaking above $112 per barrel amid ongoing conflict in key oil-producing countries. Violence continued in Nigeria ahead of this month's presidential elections, and reports out of Libya today revealed damage to the country's oil fields -- underscoring the growing threat of supply disruptions. Against this backdrop, weakness in the U.S. dollar only accelerated black gold's precipitous rise. Crude oil for May delivery ended on a gain of $3.00, or 2.72%, at a new 30-month peak of $113.48 per barrel. Crude rallied almost 4% from last Friday's close, marking its third straight winning week.

HAPPY WEEKEND