USA stocks close mixed on rising oil prices

USA stocks close mixed on rising oil prices”

In Asia, shares traded sideways on Friday in morning session after China's banking regulator questioned banks on risks related to loans for overseas asset purchases and as oil prices advanced off 10-month lows.

Crude oil, whose tumble earlier in the week was the market's dominant story, edged higher. The Standard & Poor's 500 index flipped between modest gains and losses and is on track to end the week roughly where it started.

Apple, Microsoft and Visa rose between 0.5 percent and 1.5 percent, and provided the biggest boost to the S&P and the Nasdaq. Bank shares remained unchanged after the news. Brent crude was up 1.3% at $45.38 a barrel, while United States crude climbed 0.9% to $42.90.

Bed Bath & Beyond was among the biggest losers, down 10.4% after reporting weak quarterly sales. The retailer's revenue also fell short of Wall Street's forecasts. An RSI reading over 70 would be considered overbought, and a reading under 30 would indicate oversold conditions.

They had plunged earlier in the week with the tumble in the price of oil to its lowest level since August. The broader S&P 500 index rose about 9 percent in the same period. Brent crude, the global standard, rose 30 cents to $45.53. Expectations are hardening that the world has way more crude oil available than users need.

On the other hand, financial stocks fell 0.6% and consumer staples shed 0.7%.

The results showed that 34 largest US banks have all cleared the first stage, implying they would be able to maintain enough capital in an extreme recession.

YIELDS: The 10-year Treasury yield held steady at 2.15 percent.

Shares of Bank of AmericaBAC.N, JPMorganJPM.N, Wells FargoWFC.N and Goldman SachsGS.N were up between 0.75 percent and 1 percent in premarket trading, following the Fed's stress test results on Thursday.

The S&P healthcare index rose 1.58 percent to hit a record high as investors cheered the bill, which is aimed at curbing Medicaid funding and reshaping subsidies to low-income people for private insurance.

MARKETS ABROAD: In Europe, France's CAC 40 fell 0.3 per cent, Germany's DAX lost 0.5 per cent and the FTSE 100 slipped 0.2 per cent. However, the IHS Markit composite purchasing managers' index indicated that job creation and business confidence were still robust.

Japan's Nikkei 225 index added 0.1 percent, South Korea's Kospi rose 0.3 percent and the Hang Seng in Hong Kong was close to flat.

COMMODITIES: Gold rose $8.20 to $1,257.60 per ounce.

"While we believe that Saudi Arabia will do everything within its power to keep oil prices elevated, recent production increases from other OPEC nations and the USA have pushed inventory levels to all-time highs", said Jack Ablin, CIO at BMO Private Bank, in a note. Silver added 18 cents to $16.69, and copper rose 3 cents to $2.63 per pound.

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US stocks close mixed on rising oil prices
CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average. Keeping a close watch on technicals and fundamentals may be a good way to start filtering through the vast sea of equities.