U.S. markets slowly moved higher on Thursday, a day after the Organization of the Petroleum Exporting Countries (OPEC) announced that it would be cutting oil production by 1.2 million barrels a day.
Unlike the Dow Jones Industrial Average, which was gradually climbing Thursday morning, the S&P 500 was more unstable, as gains in the energy sector were being offset by losses in utilities and consumer goods. Furthermore, as interest rates (measured by the 10-year Treasury) continued to rise, defensive stocks were facing the adverse effects.
Milad Nourmohammadi does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.