The stock market began the week on a lower note as the major averages sunk into negative territory in a final-hour sell off. Today’s action featured an uptick in crude oil.
The equity market gapped up to begin its day as more news regarding Italy’s planned bad-bank fund boosted investor sentiment. The fund is aimed at limiting a possible contagion effect from bad loans originated by Italian banks and is expected to improve balance sheets of those banks. Separately, an extended rally in crude oil added support to the opening move higher.
By the end of the day, eight sectors were in the red.
The market continues to trade sideways for the most part. Nothing really new to report. See you in the morning.