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Stocks struggled on Monday after Moody’s Investors Service slashed its outlook to “negative” from “stable.” While the Dow managed a modest gain, the S&P 500 and Nasdaq both settled below fair value, as utility stocks continued to falter. With the bulk of earnings season now in the rearview mirror, traders are turning their attention to the big batch of that is due out later this week.
Analyst, OPEC Notes Boost Oil Prices
Oil prices marked a third-straight win today, after Goldman Sachs expressed optimism over demand, and highlighted lower supplies and inventories. The Organization of the Petroleum Exporting Countries (OPEC) also dismissed demand concerns. December-dated West Texas Intermediate (WTI) crude rose $1.09, or 1.4%, to close at $78.26 a barrel.Gold prices were higher as well, as the U.S. dollar weakened before the incoming slew of inflation data. December-dated gold rose $12.50, or 0.7%, to close at $1,950.20 an ounce for the day, and 3.1% on the week.More By This Author:Stocks Mixed As Bond Yields Edge Higher Stocks Enjoy Daily, Weekly Wins As Yields Settle S&P 500, Nasdaq Look For 2nd-Straight Weekly Win
Dow Nabs Modest Win Despite Moody’s Downgrade
