On hopes that a global economic recovery is in sight, crude oil rallied to nearly $58/barrel. Benchmark crude oil for June delivery rose to a six-month high in intraday trading, asking $57.92/barrel on the New York Mercantile Exchange. United States Oil (USO) gained nearly 2% in morning trading.
The Dow Jones Industrial Average was down about 0.5%, the S&P 500 dropped nearly 0.3% and the NASDAQ gave back roughly 1.5% in morning trading.
For full disclosure, some of Tom Lydon’s clients own shares of XRT.
Kevin Grewal contributed to this article.