Global Markets-steady Stocks Eye Central Banks; Crude Falls – Yahoo Finance

Stocks on Wall Street traded slightly higher, lifted by the good earnings mood, but gains were barely making a dent on losses sustained in the previous two sessions. “The market was encouraged by Alcoa, especially since we were arguably oversold in the very short term,” said Steve Sosnick, equity-risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut. “However, it’s hard to predict big moves ahead of all the news coming out next week, and there’s no reason to suspect we couldn’t pull back further,” he said, in reference to the heavy earnings calendar. The Dow Jones industrial average rose 35.39 points or 0.21 percent, to 16,942.01, the S&P 500 gained 4.6 points or 0.23 percent, to 1,968.31 and the Nasdaq Composite added 17.52 points or 0.4 percent, to 4,408.98. The FTSEuroFirst 300 index of leading European shares was flat on the day and MSCI’s global gauge of stocks ticked up less than 0.1 percent. Brent crude oil traded at a one-month low below $109 a barrel after a Libyan oilfield restarted and supply worries faded, while weekly data from the U.S. Energy Information Administration showed U.S. crude stockpiles rose and gasoline demand faltered. “The gasoline demand drop and Cushing stock rise should have a little bit of a negative effect on WTI prices,” said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut.
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