Markets struggled to hold gains on concerns about growth in the US

Dow saw selling in the PM which cut its gain to 35 (closing near the lows in the red), advancers over decliners 5-2 & NAZ added only 2.  The MLP index went up 5 to the 267s on the strength of higher oil prices & the REIT index rose 2 to the 339s.  Junk bond funds were higher & Treasuries retreated.  Oil surged to the 39s (see below) & gold rose, going over 1240.

AMJ (Alerian MLP index tracking fund)

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CL.NYM

....Light Sweet Crude Oil Futures,M

....39.31

...2.05

(5.5%)

Oil climbed the most in almost 2 months as US crude output continued to slide before a meeting between suppliers to discuss freezing production.  US output slid for the 10th time in 11 weeks & crude stockpiles fell.  The number of active oil rigs in the US dropped to the lowest level since 2009 this week. 

Crude slid to the lowest level in almost 13 years in Feb before rebounding on signs a global glut will ease.  Prices have whipsawed this week on speculation whether an accord to cap output can be reached.  Saudi Arabia will only agree to a freeze if it's joined by other suppliers, but Kuwait said a deal can not be done without Tehran’s support.

Oil Rises Most in Two Months 

The Gap (GPS) unit helped push the retailer's total same store sales down 6% in Mar, a point bigger than the 5% drop projected.  GPS shares fell, plunging 14% & topped the list of S&P 500 laggards.  Adding to injury, it reversed its recent trend of trading above its current-year average.  The stock closed down 3.83.  If you would like to learn more about GPS, click on this link:

club.ino.com/trend/analysis/stock/GPS?a_aid=CD3289&a_bid=6ae5b6f7

Gap's March Sales Make U.S. Retailer S&P 500 Laggard: Chart

Gap (GPS)

The International Monetary Fund (IMF) is preparing for its spring meeting which gathers the leading economic voices across the globe to discuss the issues & policies impacting the world's financial markets.  It's a critical time with a continued struggle for the global economy.  The official global economic report will be released next week, but a preview says that while the US remains the bright spot, the economy has worsened in the last 6 months

IMF's Lagarde: U.S. Economy 'Not Great'

Stocks were sold in the PM, reducing the gains.  The surge in oil prices is heartwarming for traders but the grim outlook for US growth in Q1 brought on selling.  Dow is up only 100 YTD & this bull market over the last 2 months looks very tired.

Dow Jones Industrials