Despite a glowing report from General Electric, all three major US stock markets fell this week as oil prices rose. Cold temperatures in the Northeast and rumors of OPEC production cuts played a role.
A barrel of light crude went up by $1.22 to $48.53. Investors ignored the GE report that its earnings rose 18%. Concerns over interest rates rising, the upcoming Iraqi elections and the weak dollar also contributed to the sluggishness.
This is the third week in a row that US markets have dropped. Paul McManus at Independence Investments says: "I think people are sitting around, waiting for earnings to get past us, before making any kind of moves."
