S&P 500 and Dow advance while NASDAQ slips
US stocks closed higher on Monday despite a renewed retreat of technology shares. The dollar strengthened recovering earlier losses after weak durable goods data: the live dollar index data show the ICE US dollar index, a measure of the dollar’s strength against a basket of six rival currencies, gained 0.15% to 97.402. S&P 500 rose less than 0.1% settling at 2439.07 led by utilities and telecom stocks.
The Dow Jones industrial average added 14.79 points closing at 21409.55, ending a four-day losing streak. The NASDAQ composite index lost 0.2% closing at 6251 , led lower by slump in technology giants Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL).
Bank stocks lead European markets higher
European stock indices finished higher on Monday led by bank shares and Nestle. Both the euro and British pound ended lower against the dollar. The Stoxx Europe 600 index rose 0.4%. The DAX 30 closed 0.3% higher at 12770.83. France’s CAC 40 outperformed gaining 0.6% and UK’s FTSE 100 added 0.3% to 7446.80.
Asian stocks mixed ahead Yellen’s comments
Asian stock indices are mixed ahead of a discussion on global economic issues in London where Federal Reserve Chair Yellen’s comments about Fed’s rate hike plans for this year are expected. Nikkei closed 0.4% higher at 20225.09 supported by weaker yen against the dollar which boosted exporter stocks. Chinese stocks are mixed: the Shanghai Composite Index is up 0.2%, while Hong Kong’s Hang Seng Index is 0.1% lower. Australia’s ASX All Ordinaries is down 0.1% as Australian dollar climbed higher against the greenback and mining stocks fell as industrial metals prices declined.
Oil recovery continues
Oil futures prices are edging higher today for a fourth session in a row driven by short covering as prices rose from ten month lows. Concerns about global inventory overhang are limiting gains despite efforts by the OPEC and major producers to cut global crude oil output 1.8 million barrels per day until March 2018. However production has increased in OPEC members Nigeria and Libya which are exempt from the cut, and US shale oil output has risen about 10% compared from a year ago. August Brent crude gained 0.6% settling at $45.83 a barrel on London’s ICE Futures exchange on Monday.