A spike in oil prices has been the biggest weight on the market this
morning. Currently, they are up 5.0% at $134.20, but remarkably, they
are up 10% from yesterday's low.
A weaker dollar, geopolitical concerns, and Morgan Stanley's view that
prices could hit $150 by July 4 are all contributing to the spike. Not
surprisingly, the top performers list for the S&P 500 is littered
with oil-related industry groups.
The dollar index had been trading higher earlier, but reversed in the
wake of an employment report that led many traders to conclude the Fed
won't be raising interest rates soon. The pullback has been a source
of support for gold prices, too, which are up 2.1% to $893.60/oz.