The Resurgence of the Price of Oil
Stocks again moved consistently higher in the US today, powered by strength in tech issues and oil, tame inflation numbers, and optimism that things may work out in Korea after all. Asian stocks were mostly higher, so the Asia Dow scored a moderate 0.70% gain. European exchanges were almost all higher, except those closed for Ascension Day, and Italian shares. Ongoing problems in creating a government in Italy dragged its FTSE MIB down 1%, which was enough to drop the STOXX 600 by 0.12%.
Fixed income markets made up yesterday's losses, aided by yesterday's soft-ish PPI report and today's moderate 0.2% rise in the CPI. The 10-year note's yield fell back to 2.968%, which helped drag the US dollar index lower. It closed with a 0.5% loss, at 92.67.
Precious metals rallied, giving gold its first win for the week. It gained $8, silver rose 22 cents, and platinum was up $12, ... Log in or subscribe to continue reading.
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