Impact of rising oil prices seemed to rattle investors enough to send US stocks lower Friday, but somehow another two bucks added on to crude this morning — taking it to well above $106/barrel — appears to be little cause for concern.
Figure that one out.
Mood here may be enhanced by advances in European stock markets, and euro dashing above $1.40, though it’s hard to find a substantive reason behind Europe’s gains. Moody’s cut Greece’s credit rating another three notches.
Stocks may bounce at the open, but gains will be tested if oil continues its advance. Thin week for economic data, January consumer credit due at 3:00 p.m. ET.
S&P futures up 0.20, DJ futures up 4. Ten-year note lower, yield at 3.53%. Crude futures up 2% at $106.50, Brent futures up 1.6% at $177.77.
