The big news today was Saudi Arabia's announcement that it would further cut oil production, beyond limits previously set. So far OPEC's efforts to scale back on production have had little effect on oil prices, as U.S. shale drillers fill the output gap and many OPEC members cheat on their quotas. The result was a small rise in oil prices, as light crude gained 57 cents a barrel to close at $46.34.
The rise in oil prices didn't help equities, which traded mostly lower in the U.S. The Industrials slipped 67 points while the Transports fell 0.45% and the S&P 500 declined 0.11%. The tech-heavy Nasdaq was able to buck the trend, putting in a respectable performance and gaining 0.36%. Breadth was slightly negative with declining issues outpacing advancing.
Overseas markets were mixed, both in Europe and Asia. In Europe, the UK's FTSE suffered the biggest decline, losing just over 1%. Overall, ... Log in or subscribe to continue reading.