UPDATE: S&P 500 Pares Gains Following Crude Data
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(Updated - July 7, 2016 11:58 AM EDT)
S&P 500 gave up ground and drifted into negative territory heading into mid-day Thursday after the EIA released its weekly report on U.S. commercial crude inventories. Storage declined 2.2 million barrels, which was about in-line with consensus. However, API data after the close showed a sharp draw of 6.7 million barrels, lifting expectations heading into the data print. Those hopes were quelled, leading to a fall in crude and a subsequent weakening in equities.
The S&P 500 stood at 2097 nearing the noon hour, about flat. Nasdaq was slightly green at 4865 and the Dow average stood at 17,895.
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