S&P 500 and Dow at fresh record highs
US stocks closed at record highs on Monday as technology shares rebounded. The dollar recovered from previous day’s loss: 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, gained 0.4% to 97.115. S&P 500 rose 0.8% settling at 2453.46, a new record high. The Dow Jones industrial average added 0.7% to 21528.99, a closing record. The NASDAQ Composite index jumped 1.4% closing at 6239.01, with giants Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) ad Amazon (NASDAQ:AMZN) up 2.9%, 1.5% and 0.8% respectively.
Commodity and retailer stocks lead European markets higher
European stock indices extended gains on Monday led by commodity shares and retailers. Both the euro and British Pound ended lower against the dollar as UK officials began Brexit talks with European Union. The Stoxx Europe 600 index rose 0.9%. The DAX 30closed 1.1% higher at 12888.95. France’s CAC 40 gained 0.9% as French President Emmanuel Macron’s party won strong parliamentary majority on Sunday, which will allow the government to pursue reforms to increase economy’s competitiveness. UK’s FTSE 100 added 0.8% to 7523.81.
Asian stocks mixed ahead MSCI’s decision
Asian stock indices are mixed. Nikkei closed 0.8% higher at 20230.41 supported by weaker yen against the dollar. The Chinese stocks are lower ahead of index provider MSCI’s decision on including China’s A shares, which trade on the domestic market, in its Emerging Markets Index. MSCI has revised the scope of shares to be added, cutting its list of stocks eligible for inclusion to 169 large capitalization stocks that are available via the Shenzhen Connect program, compared with 448 previously. Goldman Sachs (NYSE:GS) estimates MSCI’s decision could result in an inflow of $210 billion into Chinese stocks over the next five years. The Shanghai Composite Index is down 0. 2%, and Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index is down 0.7% Australian dollar climbed higher against the greenback.
Oil edges up
Oil futures prices are edging higher today. Prices fell yesterday on rising US output concerns. A possible increase of export from Libya, which recently announced that it would unblock 160 thousand barrels a day of production, also weighed on sentiment. August Brent crude lost 1% settling at $46.91 a barrel on London’s ICE Futures exchange on Monday.
