Dow Pivots Lower, "Black Gold" Nears $90
The Dow gave back a triple-digit win today, halting a three-day win streak in the process. The S&P 500 and Nasdaq finished in the red as well -- the latter notching a triple-digit loss -- while the Cboe Volatility Index (VIX) snapped a three-day losing streak. Front-month crude prices reached as high as $89 per barrel today, while investors are anxious ahead of tomorrow's inflation data.
MORE ON OIL'S BIG DAY
Oil prices finished at a 2023 high today, fueled by supply shortfall hopes brought on by output cuts. Crude for October delivery added $1.55, or 1.8%, to settle at $88.84 per barrel for the day, the highest close since Nov. 11.
Gold prices pulled back amid a stronger greenback. December-dated gold lost $12.10, or 0.6%, to settle at $1,935.10 an ounce for the day.
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