Friday's central bank driven rally did not carry over into today's session, as weakness in Asian and European markets and declines in the price of oil led to neutral trading in US markets.
The Industrials declined 17 points on the day, but this was offset by gains in the Transports (up 0.9%), the Utilities (up 0.83%) and the Nasdaq (up 0.14%). The S&P 500 was flat, though breadth for the day was positive. Gold added about $10/oz. while light crude fell by over $2/barrel.
On the economic side, ISM data showed US manufacturing activity continued to contract while consumer spending remained constant. Personal income rose 0.3% during December and much of this went towards savings, increasing the savings rate from 5.3% to 5.5%.
We'll get a better read on the state of the labor market with the monthly jobs report due out on Friday.
The Future of Negative Interest Rates
By Matthew Kerkhoff
Question – What do ... Log in or subscribe to continue reading.