U.S. stocks gave back earlier gains today but are moving higher, led mostly by the energy sector. The spike in energy stocks came after OPEC said it will keep oil production at current levels. Investors were expecting the organization to raise the production quota to help ease the strain of higher oil prices as the global economy attempts to recover. The news also comes as data shows U.S. oil supplies also dropped more than expected. Oil prices are now trading above $101 a barrel. According to CNBC, the U.S. had put pressure on Saudi Arabia to get a deal done with the other OPEC members to cap crude prices. However, the oil minister for Saudi Arabia, OPEC’s biggest producer, said, “This is one of the worst meetings we have ever had.” In the U.S., Federal Reserve Chairman Ben Bernanke said the nation’s economy was beginning to lag considerably. JPMorgan Chase (JPM) CEO Jamie Dimon took that as an opportunity to question whether the government’s increased regulations was having a negative impact on the recovery effort.
Major U.S. Stock Indices\
DJIA: 12,088.56 (+0.15 percent)
S&P 500: 1,286.12 (+0.09 percent)
NASDAQ: 2,690.32 (-0.42 percent)
Russell 2000: 792.77 (-0.60 percent)
In other news:
- Germany proposes the idea of the European Central Bank asking private investors to help for a bailout, extending maturity on Greece’s bonds by seven years. [NY Times]
- The U.S. unemployment rate, though at 9 percent, is deceivingly low because most people give up looking for a new job after five months. The actual jobs numbers are jarring. [WSJ]
- ObamaCare goes on trial. [Forbes]
- For investors who feel they don’t have enough risk in their portfolio: Stocks under $5 that could go bankrupt. [The Street]
- Agree or disagree: Miscrosoft (MSFT) should buy Netflix (NFLX) to help boost its image. [Fortune]
Check back as more news develops.