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Daily Recap

Not much action on the news front today, other than a big surprise about a 5 million barrel decline in US oil inventories. Crude oil soared nearly $2 on the news, and that helped stock markets rally higher. Crude is up nearly $2, to just under $38/bbl. That, in turn, has energy stocks posting big gains; XLE up $1.10/share and CVX up nearly $2.

European markets "strolled" higher today, according to one rather creative source, as did Asian markets. The US dollar hit 17-month lows vs. the yen and is down slightly overall.

Barring any last minute shenanigans, US stocks should finish up nicely, up half a percent to one percent in the major indices. More "dovish" comments from the Fed are being interpreted as bullish by stocks, but not so much by gold. Thus, gold and silver are not following oil and stocks higher. Gold is down $10 and silver down 9 ... Log in or subscribe to continue reading.

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