US stocks sold off hard at the end of the day yesterday, so while European markets aren’t matching the 1.4% rise in the S&P 500 today, they’ve kept pace on a two-day basis.
Yesterday’s API data showed:
The ongoing builds in gasoline have been completely disregarded by the market. Some of that is seasonal but the past three weeks have added an average of nearly 8 million barrels per week, which is the highest on record.
It was an ugly finish for US stocks as heavy selling hit in the final half hour of trade to extend the decline in the S&P 500 to 1%.
The S&P 500 closed right at the December 20 low:
