Friday, April 28, 2017
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Market Digest Online FRIDAY, APRIL 28, 2017: U.S. stocks closed higher Thursday ahead of major tech company earnings. The Dow Jones industrial average and the S&P 500 struggled to hold opening gains, while the tech-heavy Nasdaq composite closed at a record high. Comcast, PayPal and were among the greatest contributors to gains in the Nasdaq. Information technology was among the top S&P 500 performers, while energy was the worst, dropping more than 1 percent as oil prices fell about 2 percent on oversupply concerns. U.S. crude oil futures for June delivery hit their lowest since March 29 and settled at $48.97 a barrel, tumbling 1.3 percent.

While the summer driving season has historically helped drive oil prices higher, domestic inventory levels "remain elevated by historical standards," Lindsey Bell, investment strategist at CFRA, said in a Thursday note to clients.

"We remain hard pressed to get excited for the prospect of higher oil prices in a sub-two percent GDP growth environment as production in the U.S. continues to increase and rig counts rise," Bell said. "Incremental demand from emerging markets would be necessary to more substantially drive down inventory levels."

Amazon reported after the close of trading and once again hit it out of the part. At this writing, Amazon was quoted at $960 up $50.71.

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