Market disappointed by Cancellation of EU Meeting, US Retail Sales

Some disappointing news dampened market confidence and pared gains made earlier in the day. It's reported that the EU group meeting will be replaced by a conference call as final details regarding the Greek bailout plan are not yet ready. Moreover, in the US, the less-than-expected growth in retail sales and weak auto sales damped market sentiment. Wall Street treaded water most of the day before recovering modestly in late session. In the commodity sector, crude oil benchmarks moved in opposite directions. WTI crude oil for March delivery initially soared to a 4-week high of 101.84 before settling at 100.74, largely flat from the previous close. The equivalent Brent crude contract climbed slightly higher and ended the day at 118.16.

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Market disappointed by Cancellation of EU Meeting, US Retail Sales