H&W in the Media
S&P 500, Dow Slip From Records as Energy Selloff Trumps Tech Rally
The S&P 500 fell 0.26%, down from a record level of 2,119 set on Tuesday. The Dow was down 0.17% from an all-time high of 18,244 notched on Wednesday. The Nasdaq added 0.28%, boosted by technology stocks including Google (GOOGL – Get Report) , Avago Technologies (AVGO) and Salesforce (CRM) .
Crude oil prices fell back after Wednesday’s rally. West Texas Intermediate was down 4.4% to $48.73 a barrel, following a 3% spike a day earlier. The commodity had been rallying despite the latest data showing the amount added to U.S. inventories over the past week was more than double estimates, exacerbating global oversupply.
“Oil is the story for the first half of 2015 … That’s the overlying theme to the markets right now is how long oil will trade at these levels,” said Kevin Mahn, chief investment officer of Hennion & Walsh Asset Management, in a call. “The price of oil is, in fact, more important to the future direction of the stock market than the timing of the next interest rate hike.”