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Market Recap: Auto Sales Help DJIA, SPX Edge Higher; COMP Finishes Flat

Crude futures climbed to another multi-month high, while gold capitalized on its safe-haven status

by 1/4/2012 4:28:40 PM
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Crude futures ended a wishy-washy session in the black, extending their quest for eight-month highs. Escalating tensions between Iran and the West continued to fuel supply concerns, thanks to a report that European Union (EU) leaders agreed in principle to an embargo on Iranian oil imports. Against this backdrop -- and ahead of tomorrow's holiday-delayed inventories report -- February-dated crude futures tacked on 26 cents, or 0.3%, to finish at $103.22 per barrel.

Gold futures also continued their climb today, as the aforementioned threat of oil disruptions from Iran and lingering concerns about European debt bolstered the malleable metal's safe-haven appeal. By the close, gold for February delivery added $12.20, or 0.8%, to end at $1,612.70 an ounce -- the front-month contract's best finish since Dec. 21.

Levels to Watch in Trading:

  • Dow Jones Industrial Average (DJIA 12,418.42) - support at 10,500; resistance at 13,000
  • S&P 500 Index (SPX 1,277.30) - support at 1,100; resistance at 1,400
  • Nasdaq Composite (COMP 2,648.36) - support at 2,100; resistance at 2,900

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