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Global crude oil supplies climb

The markets traded mixed during the midday with the Dow slipping 2 points to 18,805 while Nasdaq gained 21 points to 5,229.


The International Energy Agency reported that global crude oil supplies climbed in October by 800,000 barrels per day to 97.8 million bpd. The Organization of the Petroleum Exporting Countries contributed a record 33.64 million bpd to the global supply. OPEC had pledged to reduce output to between 32.5 million bpd and 33.0 million bpd. Investors doubt that OPEC will reach an output agreement at its next meeting on November 30.


The discovery of another software device in Audi vehicles to cheat emissions tests compelled lawyers to request a second round of questioning for Audi chief executive Rupert Stadler. The date for Stadler to face law firm Jones Day still needs to be scheduled. Stadler is in the middle of negotiating a settlement with the Justice Department over its previously disclosed emissions scandal.


Alibaba reported record sales of $17.73 billion on its Singles Day online shopping event. Total sales soared 32% over last year, but came in much lower than the 60% increase from 2014 to 2015. Approximately 85% of all purchases were made using a mobile device.


In the broad market, advancing issues were on par with decliners on the NYSE while advancers outpaced decliners by a margin of more than 2 to 1 on Nasdaq. The broader S&P 500 fell 5 points to 2,162. Bitcoin added $2 to $713.

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