mmfnschedule   mmfnschedule



Feb 23 2016

Wall St retreats after rally; oil market remains in view

Market Recap 2/22/16:
U.S. stocks surged on Monday, with major indexes closing sharply higher in a broad rally as an advance in the price of crude oil lifted energy shares. With the day’s gain, major indexes are down by about 5 percent thus far in 2016, cutting earlier losses by more than half. The weakness that started the year was closely tied to oil prices, which fell sharply on concerns about economic growth in China. As prices stayed at multi-year lows, investors began to worry that the commodity weakness could presage a broader economic slump. While China remains a concern for investors – and has contributed to the market’s ongoing volatility, to both the upside and the downside – recent trading in oil suggests a bottom may have been put into that market. That has corresponded with the broader equity rebound seen over the past week.
Looking ahead:
U.S. stock index futures fell on Tuesday, retreating from the previous session’s sharp rally. Energy shares were among the weakest stocks on Tuesday as crude oil also sold off following recent gains; the commodity fell about 2 percent. Investors were looking ahead to a speech by Saudi Arabia’s oil minister, who could provide details on a proposed plan by major oil-producing countries to freeze their production targets, a move devised to help address the oil market’s oversupply issues. Saudi Arabia’s participation in the deal is predicated on other countries joining in, but so far none have. If the speech hints that the deal is falling apart, selling in oil could accelerate, and that could spread throughout the broader market. Don’t miss this week’s Money Matters with Gary Goldberg; for stations and air times, please click here. Visit our website at for more details, including for a free, no-obligation portfolio evaluation.