Oil continues to dominate trade, with crude at or near the highs. Worries remain about how high prices over the long term will impact consumer spending, the economy and interest rates.
More Quotes from Joe Sunderman:
The seasonality factor continues to play a big part in this market,Joe Sunderman
I think everyone thought there was going to be an election overhang and as a result of that, a lot of people had money sitting on the sidelines. The fourth quarter is generally pretty strong for stocks, and that proved true this year as well.
Joe Sunderman
I think the record-high oil prices are still weighing on the market. Also, the Merck news is now spilling over to Pfizer, JJ and the blue chips.
Joe Sunderman
I think it's good that thus far the market has been able to put back-to-back up days together and to hold on to those gains today.
Joe Sunderman
The market has had a respectable run-up since its January 24 lows, and today you're seeing some profit taking.
Joe Sunderman
The Cisco news isn't that significant, but maybe it's enough to influence people who were looking to get out. The SP 500 had recently been right near its late December highs, so it's not too surprising to see this consolidation.
Joe Sunderman
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