Friday, 11 December 2015

Wall Street closes higher but pares gains with oil slide

US stocks closed higher on Thursday after a three-day decline but sharply pared gains late in the session as oil dropped to near seven-year lows and the strong dollar weighed on sentiment. 

 Major US indexes have had a bruising week as a rout in oil prices made investors worry about economic growth. Oil futures LCOc1 fell to fresh lows since 2009 as traders looked beyond a drop in US crude stockpiles to focus on a global supply glut, while a stronger dollar weighed on commodities. 

 After settling down 1.1 percent, US crude oil CLc1 fell further, pushing the S&P well off its session highs. Investors are worried about a spill-over effect from oil to the rest of the economy and see a strong dollar hurting corporate earnings, said J.J. Feldman, portfolio manager at Los Angeles-based Miracle Mile Advisors.

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