Alexandre Le Drogoff Comments: Stocks Eke Out Gain On Mixed Earnings As Oil Dips - Reuters
The euro fell, surrendering early gains against the dollar after a German government bond auction attracted solid demand, easing concern about fiscal instability in the European Union.
Oil prices pared losses after a government report showed U.S. crude stocks last week fell less than analysts had expected. That report undercut some of the pressure on prices after the American Petroleum Institute late on Tuesday showed a rise in crude stocks last week.
Wall Street managed to build on Tuesday's rally of more than 1 percent as investors grappling with the direction of the economy assessed the latest corporate earnings.
Traders warned against reading too much into market moves at the moment.
"The market is still rangebound. There is no conviction at the moment, and this will go on until September when investors come back from holiday," said Alexandre Le Drogoff, technical analyst at Aurel BGC in Paris.
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