Latest Market Movements Today
The U.S. equity market lost steam in last trading, falling off from day’s high. Market fell in late trading after President Barack Obama .defended his tax cut deal in a press conference. On Monday, President Obama agreed to extend Bush-Era tax cuts even for wealthier Americans. The announcement of the tax deal pushed stocks higher in early trading today. However, towards the end of the day stocks shed much of their early gains.
The Dow Jones ended the day 0.03% lower at 11,359.16, the S&P 500 ended the day 0.05% higher at 1,223.75 and the Nasdaq ended the day 0.14% higher at 2,598.49. Industrial stocks led the gains in trading today. Financial stocks, which were trading higher earlier in the day, ended lower.
Citigroup Inc. (NYSE: C) shares rallied in trading today after the U.S. Treasury announced that it will sell its remaining stake in the bank. Shares of Citigroup ended the day 3.82% higher at $4.62.
Among the major gainers in trading today were Onyx Pharmaceuticals Inc. (NASDAQ: ONXX), which ended the day 13.46% higher, Nicor Inc. (NYSE: GAS), which ended the day 4.34% higher, and Jabil Circuit Inc. (NYSE: JBL), which ended the day 4.28% higher.
Crude oil rose above $90 a barrel in trading today. However, it failed to hold above $90 mark. Crude oil for delivery in January settled $0.69 lower at $88.69 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery climbed $0.04 to settle at $91.49 a barrel on the ICE Futures Europe exchange in London.