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Dec 29 2015

Wall St edges up, trading volumes to remain anemic

Market Recap 12/28/15: 

U.S. stocks edged lower on Monday, with energy shares leading the decline as crude oil prices continued their recent downward trajectory. Equities have been closely correlated to the price of oil of late, with investors concerned that the slump in prices – brought on by both low demand and oversupply – could signal a broader economic slowdown. The drop in oil came after Iran pledged to increase its output, which was seen as increasing the oversupply issue. Trading volumes were light, with many market participants still out for the holidays. The low liquidity could lead to amplified volatility in the final trading days of the year. With the day’s decline, the S&P 500 returned to negative territory for 2015.

Looking ahead:

U.S. stock index futures were slightly higher on Tuesday, though the day’s trading was expected to be quiet. Crude oil prices recovered modestly, up less than 1 percent, which could provide some support to energy names, which will remain in focus for investors. Market direction could be determined by a read on home prices, which will come out before the market opens, and by a read on consumer confidence, due out at 10 a.m. 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.