- Home
- >
- Fundamental Analysis
- >
- U.S. stocks add to records; Oil slips on OPEC
U.S. stocks add to records; Oil slips on OPEC
Rating:
Loading...U.S. stocks rose to fresh records as retailer results boosted confidence in the American consumers’
ability to jumpstart economic growth. Oil retreated from a five- week high after OPEC extended plans to limit production without deepening the cuts.
The S&P 500 Index pushed its longest rally since February to six days as Best Buy Co. and PVH Corp. results topped estimates and the Bloomberg Consumer Comfort Index signaled optimism among U.S. shoppers. The dollar steadied in the wake of the Fed minutes. U.S. crude retreated as Saudi Arabia signaled cuts won’t go deeper than expected. The pound fell after disappointing output data. China’s yuan strengthened the most in four months.
The latest earnings reports bolstered a retail group that’s been hit by struggles at mall-based stores and signs that wages haven’t been rising fast enough to spark a meaningful surge in spending. They added to risk appetite after Fed policy makers indicated recent weakness in growth is transitory. The bullish sentiment was limited among stock investors in Europe, where some markets were closed today for the Ascension holiday.
The S&P 500 rose 0.4 percent to 2,416.74 at 1:02 p.m. in New York, headed for a sixth straight gain and record close.
The Dow Jones Industrial Average climbed to 21,090 as it bears down on its March 1 closing record.
The Stoxx Europe 600 ended little changed, while emerging- market equities rallied 0.8 percent.
Crude was trading 2.4 percent lower at $50.11 a barrel in New mYork, after touching the highest level in more than a month. Gold futures rose 0.3 percent to $1,259.70 an ounce.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
Varchev Traders Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
