U.S. Stocks Rally Continues
IFC Markets | Nov 09, 2017 07:50AM ET
S&P 500, Dow and NASDAQ close at records
US stocks closed at new record highs on Wednesday with tax reform Congressional deliberations in the focus. The dollar strengthened marginally: 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, inched up to 94.87. The S&P 500 gained 0.1% to 2594.38 led by consumer staples and technology shares. The Dow Jones added less than 0.1% to fresh all-time high 23563.36. Nasdaq composite rose 0.3% to 6789.12.
Financial shares lead European stocks lower
European stocks continued retreating on Wednesday led by financial shares. The euro ended little changed against the dollar while the British Pound resumed the decline. The Stoxx Europe 600 closed lower less than 0.1%. Germany’s DAX 30 ended up less than 0.1% settling at 13382.42. France’s CAC 40 lost 0.2% while UK’s FTSE 100 added 0.2% to 7529.72. Indices opened lower today.
Higher Chinese inflation buoys Asian indices
Asian stock indices are mostly higher after upbeat Wall Street session overnight. Nikkei, however, fell 0.2% to 22868.71 as the yen resumed climbing against the dollar. Chinese stocks are higher buoyed by higher than expected October inflation report: the Shanghai Composite Index is up 0.4% and Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s ASX All Ordinaries rose 0.5% despite Australian dollar’s continued gains against the greenback.
Oil steady as US crude inventories rise
Oil futures prices are steady today. Prices ended lower yesterday after the US Energy Information Administration reported domestic crude supplies rose by 2.2 million barrels last week. However, gasoline stockpiles fell 3.3 million barrels. Brent crude fell 0.3% to $63.49 a barrel on Wednesday.
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