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Will the Fed Pop the Casino?

Daily Recap

by Jon S. Strebler

 

After a week or so of essentially shadowing world oil prices, US equity markets broke ranks today with energy prices, turning in positive numbers across the board. Oil prices are about unchanged on the day and DBE, an ETF that tracks energy prices, mirrors that performance while trading within spitting distance of its yearly lows. Those lows also happen to be the lowest price since the fund started trading back in 2007.

 

But never mind, because the Dow Industrials, S&P 500, and NASDAQ are all up almost 1%, an hour before the market's closing. Even energy producers, along with the tech companies that had been a drag on the general market all week long, are posting solid gains. And as yesterday, gold and silver mining shares are up decent amounts, despite ongoing lethargy in the physical metals. Interestingly, South African mining shares spiked upward sharply today in ... Log in or subscribe to continue reading.


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