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In Case You Missed Monday

Stocks are still inversely harnessed to oil prices


Still oily:
  • It was another market session to file under Oh-it-could-have-been-so-much-worse, but Monday’s late-ish rally fell way short of delivering a glory day for stocks as oil continues to work its black magic on equities’ ability to move higher. Oil did pull back from nearly $107 a barrel, but remained above $105, forcing investors to think about what $110 or $115 might even mean as early as this week. The S&P 500 is essentially unchanged since the end of January and is up just a smidge more than 4% for 2011. The pullback in oil and rebound in the dollar inversely affected the rally in gold and silver, which came back from new all-time and 30-year highs. The yield on the 10-year note climbed above 3.50% for only the second time since Feb. 18.
  • After the closing bell, Broadsoft (NASDAQ:BSFT) shares jumped nearly 17% after hours following the company’s fourth-quarter earnings report, which beat analysts’ estimates. The company also guided the Street higher for first-quarter and full-year earnings per share. Urban Outfitters (NASDAQ:URBN) fell more than 12% after the company missed fourth-quarter earnings and revenue estimates. United Continental (NYSE:UAL) said that due to increased fuel prices it would reduce capacity about 1% beginning in May, and by about 4% beginning in September.
  • On Tuesday, again with no ecnomic data to speak of, and no corporate earnings reports coming with any real pop. You’re stuck watching oil prices and a couple of bond auctions.



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