Stock markets in the United States predominantly lower on September 16. Energy stocks pulled them down as the price of oil fell steeply even though there were positive inventories data.
Kim Forrest of Fort Pitt Capital said that the market is trying to find a way and the Federal Reserve is not to blame. The Dow, at the time of session highs, has risen about 96.73 points. In contrast, the Standard & Poor index dipped a minimal 0.1 percent. This comes at a time when energy slid in excess of one percent. Leslie Thompson of Spectrum Management Group put forward the opinion that the market dislikes uncertainty at all levels. He added that it will be hard for market to go up in near term against such a backdrop. Exemplary performance was achieved by NASDAQ. It gained about 0.3 percent as iShares Nasdaq Biotechnology and Apple ETF went up by 1.2 percent and 3.6 percent respectively. The latter posted its most excellent day since July 27. It hit nine month highs.
Session highs were achieved by stocks as well post Energy Information Administration saying that the inventories of US oil dipped by approximately 600,000 barrels during the first week of September. For a moment, this news sent oil into positive part of the chart. Oil, however, failed to grasp such gains. The WTI fell below the $43 for every barrel.
According to Jeremy Klein of FBN Securities, the present quiet economic calendar should help to relax the latest round of market choppiness. Portfolio managers will be patient until the Federal Reserve announces its decision for interest rates. Only then they will adjust the exposure and thus offer market participants who came in for the shorter term an interim clear playing field.