Dow snaps eight session losing streak
U.S. stock indices closed higher supported by better than expected economic data. The dollar strengthened helped also by Federal Reserve Vice Chairman Stanley Fischer‘s comment he expects the Fed to raise rates at least two more times this year. The live dollar index data show the ICE U.S. dollar index, a measure of the dollar’s strength against a basket of six rival currencies, closed 0.5% higher at 99.685.
Dow Jones industrial average rose 0.7% to 20701.50 led by Apple (NASDAQ:AAPL) and Goldman Sachs (NYSE:GS) shares. The blue chip index snapped eight sessions of losses, the longest losing streak since 2011. The S&P 500 gained 0.7% settling at 2358.57. The NASDAQ index added 0.6% to 5875.14.
European stocks rise on positive U.S. data
European stocks rebounded on Tuesday as concerns the Trump rally stalled after failure to secure support for president’s first legislative initiative abated. Both the euro and British pound weakened against the dollar. The Stoxx Europe 600 rose 0.6%, Germany’s DAX 30 outperformed closing 1.3% higher at 12149.42. France’s CAC 40 added 0.6% and UK’s FTSE 100 gained 0.7% to 7343.42.
Asian markets mixed after Wall Street rebound
Asian stock indices are mixed today though positive economic data helped buoy market sentiment after Monday’s global pullback following President Trump’s withdrawal of his healthcare law before a vote Friday. Nikkei closed 0.1% higher at 19217.48 in a choppy as yen was little changed against the dollar.
Toshiba (OTC:TOSYY) shares added 1.2% as its troubled U.S. nuclear affiliate Westinghouse Electric Company filed for Chapter 11 protection from creditors, Chinese stocks are lower with Shanghai Composite Index down 0.4% while Hong Kong’s Hang Seng Index is up 0.07%. Australia’s ASX All Ordinaries is up 0.9% with the Australian dollar edging higher against the dollar.
Oil prices rise ahead of inventory data
Oil futures prices are extending gains today supported by supply disruptions in Libya and talk of possible extension into second half of the year the OPEC led output cuts. Output from the western Libyan fields of Sharara and Wafa is down by 252 thousand barrels per day after a pipeline carrying crude from the Sharara stopped operating due to armed protesters, according to source at the National Oil Corporation Tuesday. Libya was pumping 700 thousand barrels a day before the pipeline halt. May Brent crude contract closed 1.1% higher at $51.33 a barrel on London’s ICE Futures exchange on Tuesday. Today at 16:30 CET the Energy Information Administration will release U.S. Crude Oil Inventories.