The big news revolved around gold -- black gold, to be specific. OPEC announced a 1.2 million barrel reduction of daily supplies; shortly thereafter, Russia announced its own 300,000 barrel reduction. If followed, these supply decreases should exert upward pressure on crude oil prices, and as a result, the energy complex soared.
Crude oil was up $3.65/bbl. Our recommended CVX rose $2.65 to 112 and XLE jumped $3.85 to 74.67.
The other gold didn't do so well, though. It fell $15, while silver lost 14 cents and platinum declined $8. The mining shares couldn't hold up under that action, and XAU fell 1 to 79.90. A good share of this negative action is credited to a strong dollar, up 0.52 to 101.50 today.
Bond prices also got smoked today, down across the board. The 10-year T-note yield rose to 2.371%.
Stock prices were mixed in Asia, higher in Europe with the STOXX 600 gaining 0.55%. Stocks ... Log in or subscribe to continue reading.
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