Oil futures fell this morning after a report on U.S. weekly jobless claims came in over 400,000 this past week. Oil is down $0.27 this morning, but is still trading above $100 a barrel. Gold for December delivery is down more than $3 at $1,742.00.
Silver prices are up slightly today at $32.94, a gain of 0.64%. The big winner in commodities so far today is Palladium which is up $24.75 at $634.75.
The market as a whole is slightly down today after the massive rally that took place yesterday due to central bank intervention in Europe. Central banks from around the world rallied together to cut borrowing rates so troubled banks in Europe would have easier access to dollars. Today news from the jobs market has cooled investors as jobless claims were up over 400,000 and the number will probably be revised higher in the coming days.
The market outlook still looks grim as long as Europe’s debt crisis continues to be a problem. The sooner European leaders take care of that the better off the markets will be.
Right now the markets have recovered from their early losses and are either slightly negative or slightly positive. The Dow is down 5 points, the Nasdaq is up 12 points and the S&P is up 1 point.