Wall Street ends flat as investors await earnings
U.S. stocks couldn't make a decisive move in either direction on Monday as investors remained on the sidelines ahead of quarterly earnings due later this week.
Following a flat start to the day, higher oil futures helped the major equity indexes record gains led by energy shares but the uninspiring performance of financial stocks capped the rise. The S&P 500 financial sector .SPSY dropped 0.26%. The financial sector has been a darling performer since the election and we've seen some of that performance retreat in the last couple of weeks, Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis told Reuters.
The reports of Libya's largest oil field halting production and the comments from Kuwait's Oil Minister suggesting an expected drop in global crude stocks helped the price of crude oil to settle at $53.08/bbl, up 1.65% on the day.
The Dow Jones Industrial Average was up 2 points, or 0.01%, at 20,658.02, the S&P 500 was flat at 2,352.50. The Nasdaq Composite gained 3.11 points, or 0.05%, to 5,880.93.
Headlines from the U.S. session
- New York Fed: Oil prices rose again owing to increasing demand and decreasing supply
- US goods deficit is set to widen - BBH
- Two casualties in San Bernardino school shooting - Local police
- White House: NAFTA plan will come after Lighthizer's appointment as U.S. trade representative
- White House's Press Secretary: Hold open possibility of future action in Syria
- Trump-Xİ summit was overshadowed by Syria and the North Korean missile launch - BBH