Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.2%) hovers a bit above its low after giving back its modest early gain.

Six sectors now trade lower while four of the five advancers show gains of no more than 0.1%. Meanwhile, the energy sector (+1.3%) is a clear standout to the upside, benefitting from a sharp rally in the price of oil. WTI crude jumped $3.25, or 5.0%, to $68.21/bbl, approaching its 200-day moving average (68.74) after AP reported that the U.S. government will tell all nonessential personnel to evacuate the U.S. Embassy in Baghdad. The market also received a bullish inventory report from the EIA, but the potential for rising tensions in the Middle East has been more impactful.

With today's gain, the energy sector is now up 3.3% for the week and up 5.5% in June.