The recent downturn in oil prices has prompted OPEC to publicize that they will hold informal talks at an energy conference in September. Once again the hope for an output freeze is back on the table, and this took light crude up roughly 2.5%
The gains did not help the broader equity market, however, which ended up more or less flat on the day. The Industrials lost 14 points while the Transports gained 0.03%. The Nasdaq and S&P 500 both declined by less than two-tenths of one percent.
It appeared that the market simply wanted to digest Friday's strong gains, which came on the back of a very strong July jobs report.
Around the world equity markets did better. All major indexes in Europe and the Asia-Pacific closed in the green. Japan's Nikkei was the biggest winner, up 2.4%.
In the precious metals space, gold fell $3/ounce while silver rose a penny. Miners, as measured by XAU, were ... Log in or subscribe to continue reading.