Many investors are sitting on the edge of their seats grinding their finger nails waiting to see how well or poorly U.S. companies did in the first quarter of 2009, as earnings season is about to be underway. Tomorrow, the season will be kicked off by earnings reports by Alcoa (AA) and Dow Chemical (DOW).
Oil has been riding the coat tails of the market. Benchmark crude oil for May delivery was down $1.17 in morning trading, hovering at $51.34/barrel on the New York Mercantile Exchange. The gains seen by black gold over the past few weeks have been fueled by optimism brought on by the world leaders at the G-20 summit, the entrance of speculators into the market and basic supply and demand influences. It is just a matter of time until crude plays with a resistance mark and oscillates back and forth. United States Oil (USO), was down about 2% in morning trading.
The Dow Jones Industrial Average slipped 0.8%, the S&P 500 was down about 1% and the MSCI World Index of 23 developed nations retreated 1% in morning trading.
” Kevin Grewal contributed to this article.”