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-98.89 -0.46%
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+1.525 +0.12%
+0.002560 +0.23%
US Dollar
-0.199 -0.21%

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GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed weaker on profit taking today. A major cyber attack on business entities worldwide Tuesday had little initial impact on the marketplace. However, the hackers once again underscored the vulnerability of the internet that the world has become so dependent upon. Focus of the marketplace Tuesday was on speeches by major central bankers. European Central Bank President Mario Draghi said at a conference in Portugal the ECB will not be in a hurry to wind down its accommodative monetary policy because the European Union's collective economy is still in recovery mode. However, he also said the Euro zone economy is growing “above trend” and said inflation will increase at some point down the road, which will prompt the ECB to tighten its monetary policy. Draghi's overall upbeat comments on the Euro zone lifted the Euro currency to solid gains and sent European bond yields higher. Fed Chair Janet Yellen delivered a speech in London. Her remarks did not move the markets. The key “outside markets” on Tuesday saw Nymex crude oil futures prices higher on more short covering after hitting a 14-month low last week. The oil market bears still have the solid overall near-term technical advantage as prices are trading below $44.00 a barrel. Meantime, the U.S. dollar index was sharply lower today. The greenback bears have the firm overall near-term technical advantage.

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