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US Close - A terrible week ends on a positive note, Crude prices rallying hard on optimism over China's COVID situation, Gold pummeled

Wall Street is ready to close the books on this trading week. US stocks are finishing on a high note as investors take comfort from a round of Fed speak that suggests financial markets won’t have to price in even more tightening of financial conditions over the next couple of FOMC decisions. Fed’s Daly supports the idea of sticking with 50 basis-point rate hikes at the next two meetings. Yesterday, Fed Chair Powell reiterated his support for raising rates at the June and July policy meetings,

13-05-2022 14:55 GMT by Edward Moya

Oil in choppy waters, gold slides

Oil markets remain volatile Oil prices finished modestly higher overnight, after another chop-fest session which saw Brent crude and WTI fall nearly four dollars intraday. Powell’s soothing comments around 0.50% rate hikes stabilised sentiment in New York, but it is likely that the Russian natural gas sanctions on some European importers were the reason that oil rebounded.

13-05-2022 04:49 GMT by Jeffrey Halley