Crude futures notched a second consecutive loss today, as oil prices fell after a pair of lackluster economic reports. Specifically, the government noted a sharp decrease in durable goods orders, while home prices fell near a nine-year low. These lackluster reports raised concerns that oil's recent rally to multi-month highs was overdone, prompting many traders to take some profits off the table. As a result, April-dated oil swallowed a loss of $2.01, or 1.9%, to finish at $106.55 per barrel.
Meanwhile, gold futures rallied today, ending a two-day losing streak. A softer U.S. dollar supported the precious metal, as the euro gained ground in anticipation of Wednesday's long-term refinancing operation (LTRO) by the European Central Bank (ECB). By the close, gold for April delivery climbed by $13.50, or 0.8%, to end at $1,788.40 an ounce -- its highest settlement since November.
Levels to Watch in Trading:
At the end of every market day, the staff at Schaeffer's Investment Research reviews the trading day in detail, covering major events and key market developments. Don't miss this critical, timely and insightful report. If you enjoyed today's edition of Market Recap, sign up here for free daily delivery straight to your inbox.
The Case for Big Moves in IWM and QQQ
Featured Partners: AOL DailyFinance
© 2014 Schaeffer's Investment Research, Inc. 5151 Pfeiffer Road, Suite 250, Cincinnati, Ohio 45242
Phone: (800) 448-2080 FAX: (513) 589-3810 Int'l Callers: (513) 589-3800 Email: firstname.lastname@example.org
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.
Market Data provided by QuoteMedia.com | Data delayed 15-20 minutes unless otherwise indicated.