Markets Were Down, Then Way Up, Now Moderately Higher

U.S. stocks jumped after a lack luster open today, erasing sharp losses as the price of oil reversed higher and as investors considered generally healthy indicators on the U.S. economy against global concerns.

After falling to lows not seen since the spring of 2009, crude futures for January delivery, on Tuesday fell to a low of $53.60 a barrel, then shoot up $1.24 to a high of $57.15 a barrel, and were lately up 16 cents, or 3 percent, to $56.07 a barrel.

New home construction in the U.S. topped a million on an annualized rate in November, while housing starts fell 1.6 percent and building permits declined 5.2 percent last month.
An industry report on Tuesday had the U.S. manufacturing sector continuing to expand in December but its growth rate at an 11-year low.

Equities around the globe had declined as Russia vowed further action to stabilize its markets after an unexpected interest rate hike and a measure of factory activity in China dropped to a seven-month low in December.

The Dow is currently up 118.

The S&P 500 has advanced 11.

Nasdaq is up 7.5 points.

It's critical to market direction that the head of steam that was built this morning does not dissipate this afternoon. I'll be watching.