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Current Futures: Dow +38.00, S&P +3.40, NASDAQ +6.00
U.S. markets are on the rise for a second consecutive day. Leading the gains were energy and healthcare sectors after a sharp $2.99 rise in the price of crude oil and a patent was upheld in court for the drug maker Merck.
Exxon Mobil and Chevron have risen 1.51 and 1.31 percent respectively as crude oil rose to $72 per barrel in late afternoon trading in New York. While Merck had a 2.5 percent increase after a judge upheld a patent for the companies drug Singulair. This led the way for other healthcare giants such as Pfizer to gain 2.32 percent. Meanwhile, Johnson & Johnson gained 1.04 percent and Abbott Laboratories advanced 1.74 percent.
Some economists are reporting that the worst recession since the 1930’s is behind us. “After the gain seen in industrial production for July,” stated TheLFB-Forex.com Trade Team Members, “there is a chance that the output could continue its gain, thus showing an end to the contraction cycle and paving the way for growth.” To further validate this point a gain would also have to be seen in the gross domestic product quarterly report and a sustained decrease in unemployment.
Supplies of crude oil stockpiles decline by 8.4 million barrels. The news comes from the weekly report on crude oil inventory released by the Energy Information Administration. Gasoline inventory also had a larger than expected drop.
The Dow Jones Index gained 45.04 points (0.49%) to 9,262.98, while the S&P 500 index added 4.51 points (0.46%) to 994.18
Crude oil for August delivery was recently trading at $72.18 per barrel, an increase of $2.99.
Gold for August delivery was recently trading higher by $3.80 to $943.00.
Treasuries rose on the day. Yields of the 10 year note were pushed near a five week low as investors scrambled for the safety of bonds. Yield on the 10-year note fell 4.0 basis points to 3.50%.
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