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Wall Street managed a modest gain Wednesday after investors fretted over the impact of falling oil prices but were nonetheless inspired to buy following upbeat news from Alcoa Inc. and Apple Inc.
“There are good underlying economic fundamentals. The buyers are starting to get a little more courageous in coming off the sidelines,” said Al Goldman, chief market strategist with A.G. Edwards & Sons. “Markets take a rest, and the sellers do their dastardly deeds and the buyers become a little more aggressive and then you lift up.”
Bonds fell on the slide in oil prices and following a report that the U.S. trade deficit narrowed in November. Both trends were seen as boosting the economy, and perhaps leading to a rise in interest rates. The yield on the benchmark 10-year Treasury note rose to 4.69 percent from 4.66 percent late Tuesday.
Light, sweet crude was down $1.62 at $54.02 a barrel on the New York Mercantile Exchange. Prices have been hurt as unseasonably high temperatures have weakened demand in large parts of the U.S and Europe.
In economic news, the Commerce Department said the U.S. trade deficit fell for a third straight month in November as exports of products such as commercial airplanes reached a new high and as the cost of importing foreign oil fell to the lowest level in 16 months.