Unexpected Lower Inventories Pushed Oil Prices Higher
A report from the Energy Information Administration said that US oil inventories fell by more than 8 million barrels last week, prompting a turnaround in oil prices. Benchmark crude for September delivery added $1.25 to $70.44 a barrel on the New York Mercantile Exchange. More
Dollar Falls as Stock Rebound Reduces Demand for Safety
The dollar fell against the euro today as a surprise upswing in North American stock markets helped ease investor concern over falling stocks in China. The dollar declined 0.8 percent to $1.4253 per euro at 2 p.m. in New York, from $1.4136 yesterday. More
Canadian Dollar Marks Second Day of Gains
For the second day in a row, the Canadian dollar gained on its US counterpart, appreciating 0.3 percent to C$1.0974 per U.S. dollar at 12:45 p.m. in Toronto, from C$1.1011 yesterday.
Ã¢â‚¬Å“The correlation between the Canadian dollar and equities is really strong right now,Ã¢â‚¬Â said Maria Jones, a currency trader at TD Securities in Toronto. Ã¢â‚¬Å“When equities go up traders are taking on more risk, and risk-linked currencies like the Canadian dollar tend to go up against the dollar.Ã¢â‚¬Â More
Analyst Predicts S&P 500 to Gain 6% by Year’s End
Robert Doll – global chief investment officer at BlackRock Inc. – said today that the S&P 500 index could gain 6 percent by the end of the year.
Ã¢â‚¬Å“Our guess is starting this quarter, the third quarter into the fourth quarter, we will have positive real and nominal GDP, permitting some revenue growth,Ã¢â‚¬Â Doll said in a Bloomberg interview broadcast on radio and television. More
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