Firm Crude Oil Market Helps Trigger Late Session Equity Rally
Stock index futures made new highs for the year as appetite
for risky assets picked up late in the trading session.The markets traded firm most of the day,
buoyed by a better than expected U.S. Weekly Initial Claims Report.After trading in a range throughout the
midsession, upside activity picked-up following a better-than-expected oil
inventory report sent oil stocks higher.
The U.S. Dollar finished the day lower against most major
currencies.The Dollar lost ground
versus the Euro as record low interest rates in the U.S. made the Euro Zone currency a
more attractive investment.Traders are
beginning to factor in the possibility that the U.S. will be one of the last
nations to raise interest rates.
The September British Pound posted a strong gain versus the
Dollar after the Bank of England voted to leave its benchmark interest rate
unchanged at 0.50% and its quantitative easing program untouched.The latter could be a sign that BoE members
believe its stimulus buying is helping to achieve economic stability in the U.K.
December Treasury Bonds and Notes finished the day stronger
boosted by better than expected demand for Treasury Bonds at today‚Äôs $12
billion 30-Year Bond auction.The
auction drew a better than forecast yield of 4.238%.The strong demand suggests that bond
investors are not fearful the Fed will begin raising interest rates anytime
December Gold opened sharply lower this morning but erased
those losses by the close to finish higher.The early forecast of a stronger Dollar pressured the gold market before
the New York opening, but the Dollar began to weaken early following a better
than expected U.S. Weekly Initial Claims Report.This helped encourage buying in the gold
market which gradually increased throughout the day.Later in the day, gold received a boost from
a friendly crude oil report.
December Crude Oil finished the trading day higher. Early
support came following the announcement that OPEC would not make any major
changes to the supply and demand picture.Crude oil began to firm at about the midsession of the trading day
following the announcement of a larger than expected drop in inventories.Oil prices received additional support
following an International Energy Report that predicted an increase in global
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