News Formal

Oil is driving the stock market for the first time in a long while

  • 📰 CNBC
  • ⏱ Reading Time:
  • 20 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 72%

S&P 500 Index Nyheter

United States Oil Fund,LP,Stock Markets

The S&P 500 and a key oil fund appear to be trading as mirrors of each other in recent days.

Oil prices keep pushing higher as tensions build in the Middle East, and the moves in crude appear to be weighing on the stock market. Overlaying the charts of the United States Oil Fund LP and the S & P 500 in recent days shows that the fund and the index appear to be inversely correlated. In other words, when the oil fund climbs during the day, the stock market tends to dip, and vice versa.

A correlation coefficient that's closer to 1 indicates a strong positive relationship between two variables, while one that's near -1 suggests an inverse relationship. A value of zero, however, indicates no correlation. In midday trading Thursday, U.S. crude oil prices were up 4% , and the USO had jumped roughly 3%. Meanwhile the S & P 500 was slightly lower.

 

Takk for kommentaren din. Kommentaren din vil bli publisert etter gjennomgang.
Vi har oppsummert denne nyheten slik at du kan lese den raskt. Er du interessert i nyhetene kan du lese hele teksten her. Les mer:

 /  🏆 12. in NO

Norge Siste Nytt, Norge Overskrifter

Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.

Stock Market Today: S&P 500 closes above 5,700 for first time ever as tech glowsStock Market Today: S&P 500 closes above 5,700 for first time ever as tech glows
Kilde: Investingcom - 🏆 450. / 53 Les mer »

Stock market today: S&P 500 slips as Nvidia rebound runs out of steamStock market today: S&P 500 slips as Nvidia rebound runs out of steam
Kilde: Investingcom - 🏆 450. / 53 Les mer »

Stock market today: S&P 500 slides on fresh economic worries ahead of jobs reportStock market today: S&P 500 slides on fresh economic worries ahead of jobs report
Kilde: Investingcom - 🏆 450. / 53 Les mer »