S&P 500, Dow continue extend record streak
US stock market extended the streak of records on Wednesday supported by better than expected data. The dollar weakened: 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, retreated 0.1% to 93.489. The S&P 500 rose 0.1% settling at a record 2537.74 led by utilities and real estate shares. Six out of 11 main sectors of the index closed higher. The Dow Jones Industrial Average added 0.1% to new record high 22661.57 led by gains in Nike (NYSE:NKE) and Caterpillar (NYSE:CAT). Nasdaq composite inched up less than 0.1% to 6534.63.
Bank shares lead European markets lower
European stocks ended lower on Wednesday on increasing uncertainty spurred by Catalonia independence referendum. The euro continued the rise against the dollar while British Pound ended little changed. The Stoxx Europe 600 index lost 0.1%. Germany’s DAX 30 gained 0.5% to 12970.52 catching up as it opened after a bank holiday on Tuesday. France’s CAC 40 slipped 0.1% and UK’s FTSE 100 edged lower 0.01% to 7467.58. Stocks opened lower today.
Asian indices flat
Asian stock indices are steady today in thin trading with markets in China and South Korea closed for the week. Nikkei was little changed inching 0.01% higher to 20628.56 as yen climbed against the dollar. Australia’s All Ordinaries Index added 0.01% as Australian dollar erased previous day’s gains against the greenback after unexpectedly weak retail sales report.
Oil rising after larger than expected US inventory draw
Oil futures prices are rising today buoyed by possibility of extension of major oil producers’ output cut agreement. Russian President Vladimir Putin said on Wednesday that a pledge by the Organization of the Petroleum Exporting Countries and other producers, including Russia, to cut oil output to boost prices could be extended to the end of 2018, instead of expiring in March 2018. Prices ended lower yesterday despite the US Energy Information Administration report domestic crude supplies fell by 6 million barrels last week. December Brent crude lost 0.4% to $55.80 a barrel on Wednesday on London’s ICE Futures exchange.