U.S. stocks were higher Monday, after shedding almost 1% in early trading. The continued slide in oil prices worried investors, as experts said the trend was becoming ‘problematic’ due to the inability of prices to find any sort of stability.
As of this morning, West Texas crude oil prices stood just above $42 per barrel. It stands to reason that a drop below $40 per barrel would increase the already-existing panic on Wall Street and throughout the oil industry.
Disappointing manufacturing data from the state of New York played a role in the market’s early tumble as well. The week’s probable highlight—minutes of the Federal Reserve’s July meeting—happens at 2 p.m. this afternoon. Whether the disappointing manufacturing data will impact the timing of an interest rate hike is the main concern of many investors today.
The market recovered its early losses after the National Association of Home Builders released its highest index reading in almost a decade.
Here are the final numbers from Monday on Wall Street:
Dow Jones Industrial Average: 17,545.18 (+67.78)
NASDAQ: 5,091.70 (+43.46)
S&P 500: 2,102.44 (+10.90)