Major averages in the U.S. were mixed today, with the Industrials and Transports finishing in the red, while the S&P 500 and Nasdaq gained. Heath care and biotech stocks led the market higher; energy and material companies lagged behind.
Most commodities traded lower including oil, gold and silver. Oil lost 2.5%, while gold fell $23/ounce and silver declined by 42 cents. Part of the weakness in oil is being attributed to the removal of Saudi Arabia's oil minister, Ali al-Naimi.
The dollar bucked its recent trend, heading higher, and bonds also rose, pushing yields down. The yield on the 10-year Treasury fell to 1.75%.
There was no major economic data released today.
Bearish Trend Alignment and A-D Line Peculiarities
By Matthew Kerkhoff
Last week we talked about trend alignment and before moving on, I want to briefly apply that perspective to the broader stock market. We’ll do this by taking a quick look at daily, weekly and monthly charts of ... Log in or subscribe to continue reading.