Stock market rally proves unsustainable
The S&P 500 is trading flat on the day at 2269 after touching as high as 2279.
One of the factors that's weighing is oil. WTI crude is dow 92-cents to $51.04. I wrote about the downside potential for oil yesterday and a test of $49.
For stocks, it's healthy for the market to consolidate around these levels. It's rallied almost 10% since the election and sideways chop and a few more quiet day would be a healthy break before another rally.
The big mover this afternoon is GM as the company offered a positive outlook on sales and China, along with a $5B buyback.