Oil’s Reverse Leads Stocks Lower

By Markets FOXBusiness

Oil’s early session gains had stocks set for a positive move but a volatile reversal of Crude sent stocks into the red as the hostage crisis in Sydney Australia and an unexpected contraction of the Empire State Manufacturing Index turned investor sentiment negative.

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Market Radar - % Change

Following Friday’s dramatic drop, Nymex Crude opened to modest gains but reversed course during the session to end down 3.29% settling at $55.91 per barrel down $1.90, a new five-year low.  Gold prices were also under pressure slipping $14.8 or 1.21% to settle at $1,207.70 per ounce.

The Dow Jones Industrial Average swung negative after early gains falling below its 50 day moving average after losing 0.58% to close at 17,180.84 down 99.99 points.  The S&P 500 also dropped below its 50 day moving average closing at 1,989.63 down 0.63% or 12.7 points.

The NASDAQ Composite lost 48.44 points closing at 4,605.16 down 48.44 points while the NASDAQ 100 fell 41.87 points or one percent to close at 4,157.41.

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The Small cap Russell 2000 fell 1.05% after losing 12.15 points to close at 1,140.3.  The Fox50 closed down 0.76% at 1,396.68 down 10.7 points on the day.

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