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Market Roundup: Moderate Gains Despite Drop in Energy Sector
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S+P 500 Index hit new all-time highs with a rebound in the technology sector. The start of the week also saw crude oil prices decreasing, with West Texas Intermediate crude settling at $44.20 a barrel. The market traded into the red zone on Tuesday with Energy brands slipping with another drop in crude oil prices. Stocks traded with mixed moves on Wednesday. Both the Dow and S+P 500 shed points, likely fueled by another drop in oil prices, despite the release of data from the Energy Information Administration, which showed reserves decreased by 2.5 million barrels over the past week, versus an anticipated decline of 2.1 million barrels. The NASDAQ added gains on biotech buying. In other economic news, existing home sales for May increased by 1.1% to an annual rate of 5.62 million. Analysts expected a pace of 5.55 million. Indices closed trading with mixed moves on Thursday as both the Dow and S+P 500 shed points while the NASDAQ tacked on slight gains. The session ended flat on a variety of economic news. Department of Labor data showed first time jobless claims climbed by 3,000 to 241,000 for the week ended June 17.
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