U.S. equities rose on Tuesday, led by health care, as investors digested falling oil prices ahead of a key OPEC meeting, as well as economic data.
The Dow Jones industrial average traded about 35 points higher, withUnitedHealth Group contributing the most gains. The S&P 500 traded 0.4 percent higher, with health care rising about 0.8 percent.
The Nasdaq composite outperformed, trading 0.5 percent higher and hitting a new record high, as the so-called FANG stocks (Facebook,Amazon, Netflix and Google-parent Alphabet) all rose. The three major indexes traded lower earlier in the session.
The Russell 2000, which has been outperforming large-cap indexes, fell more than 1 percent, snapping a 15-day winning streak, its longest in 20 years.
"I think we're at a point where people are afraid of pushing the market too far off the fundamentals, but I don't think there are any news that could push the market markedly lower" in the near term, said Bruce McCain, chief investment strategist at Key Private Bank. 1
West Texas Intermediate futures for January delivery dropped 3.9 percent to settle at $45.23 per barrel. OPEC are set to meet in Vienna, Austria on Wednesday and traders will be keeping a close eye on announcements regarding an oil production cut. In September, OPEC had outlined a deal to cut output by approximately 1 million barrels per day. 1
Gold prices were ending the U.S. day session modestly lower Tuesday. Sharply lower crude oil prices weighed on the raw commodity sector, including the precious metals markets, today. Also, safe-haven gold continues to see limited buying interest amid generally optimistic trader and investor attitudes the past three weeks. The gold and silver charts are also firmly in the bearish technicals camp. 2
Gold $ 1188
HUI - .6%
AUD Gold $1587
AUD .7486
Time flies when having fun. Today marks 1 year since I stepped in to open for the DT thread. It's been Peachy!
