Wall Street started the New Year struggling for direction. Fears over a global economic slowdown sent the markets down at the open before a rebound in oil prices provided respite, helping turn the arrows green. Leading the advance: energy and telecom stocks.
Avalon Advisors co-chief investment officer, Bill Stone.
SOUNDBITE: AVALON ADVISORS CO-CHIEF INVESTMENT OFFICER, BILL STONE (ENGLISH) SAYING:
"You know, I think it's probably what we have to deal with for awhile, which is just this tug-of-war as the market tries to make sense of how much we really are slowing in terms of the economy."
Energy stocks like Exxon Mobil and Chevron rebounded as oil prices reversed their earlier losses.
Citigroup, Wells Fargo and other bank stocks gained as the yields on the 10-year benchmark bond moved off a nearly one-year low.
Tesla shares sank. The electric car maker delivered fewer Model 3 sedans than expected in the latest quarter. It also cut prices for all of its vehicles in the U.S. in response to a reduction in the green tax credit for electric vehicles.
Fears about global growth sent shares mostly south in Europe, but London's FTSE and the German Dax managed to eke out small gains.