Energy Stocks Lead U.S. Broad Market Higher As Oil Prices Rise
IFC Markets | Mar 30, 2017 09:08AM ET
Nasdaq outperforms while Dow extends losses
US stock market edged higher on Wednesday lifted by energy stocks. The dollar strengthened on Federal Reserve officials’ hawkish comments: the live dollar index data show the ICE US dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed up 0.2% at 99.926. The S&P 500 rose 0.1% settling at 2361.13 led by energy stocks, up 1.2% while six of the eleven primary sectors finished in the red led by financial stocks. The Dow Jones industrial average fell 0.2% to 20659.32 weighed by losses in UnitedHealth (NYSE:UNH) and Travelers (NYSE:TRV) shares. The Nasdaq index rose 0.4% closing at 5897.55 helped by 2.1% gain in Amazon (NASDAQ:AMZN) shares.
European markets shrug off start of Brexit negotiations
European stocks extended gains on Wednesday as markets shrugged off the official commencement of the UK’s negotiations to leave the European Union. Both the euro and British pound weakened against the dollar. The Stoxx Europe 600 added 0.3% after 0.6% gain the previous day. Germany’s DAX 30 added 0.4% to 12203. France’s CAC 40 rose 0.5% and UK’s FTSE 100 index gained 0.4% to 7373.72.
Asian stocks down
Asian stock indices are lower today after a mixed session on Wall Street overnight. Nikkei ended down 0.8% in a choppy trade today led by financial stocks as dollar inched higher against the yen. Chinese stocks are down on liquidity concerns as the central bank refrained from injecting short term funds for a fifth session: Shanghai Composite Index is 1% lower and Hong Kong’s Hang Seng Index is down 0.2%. Australia’s All Ordinaries Index outperformed adding 0.4% lifted by energy stocks and weaker Australian dollar against the dollar.
Oil prices rise on lower than expected US stockpile build
Oil futures prices prices are rising today supported by crude output disruptions in Libya. Further support came from US inventories official report indicating lower than expected rise in inventories: The EIA reported that crude inventories rose by 900 thousand barrels to a weekly record 534 million barrels last week, less than half the 1.9 million-barrel climb reported by the American Petroleum Institute late Tuesday. Bigger-than-expected declines in gasoline and distillate stockpiles also were bullish for oil prices. May Brent crude fell 2.1% to $52.42 a barrel on Wednesday on London’s ICE Futures exchange.
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