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Stock reversal snaps streak, oil flat on the day

June 11, 2019 - 4:13 pm

Stocks started in positive territory before the momentum fizzled out in the afternoon. The early strength was partly due to recent momentum on Wall Street, which saw the Dow close in the green for six straight sessions. 

That streak was snapped, though, with the Dow off around 14 points, the S&P and Nasdaq were down modestly as well.  

Some optimism about a possible interest rate cut by the Fed next week also pushed stocks higher early on, but stocks faded late in the day as traders looked to cash in on recent market strength. 

The steel sector was one of the bright spots on Wall Street. Steel stocks rallied, following reports that Beijing would allow local Chinese governments to use money from special bonds for infrastructure projects. 

In economic news, the Labor Department said its producer price index was up 0.2 percent in May after climbing by 0.2 percent in April.

Oil prices were flat amid expectations that OPEC and its allies will keep production cuts in place for longer than expected. 

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