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Nasdaq likes lower oil prices

US stock markets rebound from earlier losses as oil prices fall.

Crude is quickly becoming the story of the day, although it’s unclear why oil prices have fallen so sharply. WTI is down more than $6 from the lows of the month.

The sharp drop in crude has led to some stock buying. The Nasdaq is now 1% higher on the day. The index was up more than 1.5% earlier, then plunged on rising Treasury yields. It is enjoying a second life with the fall in oil, an encouraging sign that price pressures at the pump could be nearing a peak.

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