Oil Rout Damps Stock Gains as Bonds, Dollar Slip: Markets Wrap
- Crude at lowest in six months, erases boost from OPEC cut
- S&P 500 rebounds in afternoon trading as insurers advance
CCLA's Bevan Sees More Noise in Metals Market
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Crude plunged to a six-month low, erasing gains sparked by OPEC’s November output agreement, as concerns over a supply glut mounted. Earnings kept U.S. stocks afloat, while Treasuries slid with the dollar.
West Texas Intermediate crude fell almost 5 percent, plunging below $46 a barrel. The S&P 500 Index was virtually unchanged as American International Group Inc. led gains among insurers to offset a rout in energy producers. Gold posted the biggest two-day drop of the year. Health-care companies rose as the House of Representatives voted to replace Obamacare. Treasury yields headed higher.