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As Good As It Gets?

Daily Recap

Today's big action was in the oil markets, where light crude rose above $70 per barrel for the first time since 2014. The move highlights improvements in the global supply glut, as well as increased geopolitical tensions. A decision on whether the U.S. will withdraw from the Iran deal is due by Saturday, and that is having a large effect on oil prices.

 

Elsewhere, stocks were generally in a good mood as most major averages closed in the green. The Industrials gained 94 points while the Nasdaq climbed 0.77% and the S&P 500 rose 0.35%. Bucking the trend were the Transports (down 0.08%) and the Utilities, which closed down 0.57%.

 

International markets rose as well. In Europe, all major averages gained, leading to a 0.64% rise in the Stoxx 600. In Asia, a big 1.48% rise in the Shanghai Composite helped the Asia Dow climb 0.29%. Overall, the Global Dow was up 0.33%.

 

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