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Dec 28 2015

Wall St lower with oil oversupply a concern

Market Recap 12/24/15:

U.S. stocks ended the shortened Christmas Eve session mostly flat on Thursday, with the day’s action quiet going into a market holiday. While jobless claims fell more than expected in the latest week, a positive sign for the labor market, energy shares snapped a three-day winning streak, which put a cap on broader equity gains. Both the Dow and S&P 500 ended slightly lower while the Nasdaq ended with a modest gain.

Looking ahead:

U.S. stock index futures were lower on Monday, with energy shares continuing to be in focus. Oil prices fell more than 1 percent after Iran pledged to increase its output, which will only exacerbate the view that the commodity is plagued by oversupply, as well as lower demand in key markets like China. Trading is expected to remain light this week, which will be a short one with markets closed for New Year’s on Friday. Many traders remain out on holiday, while there are few scheduled news events that are seen as market moving. The week’s market environment could lead to four quiet sessions, though volatility could also be amplified by the light volume. Don’t miss our president, Oliver Pursche, who will be appearing on CNBC on Thursday at 3:45 p.m. Also don’t miss this week’s Money Matters with Gary Goldberg, which will air Sunday at 11 on WOR710. Visit our website for more details.