Tuesday, February 20, 2024

Oil Fall Pushes Wall Street Up… Gold Turns After Dollar Hits Crucial Level By Investing.com


© Reuters.

Investing.com – Wall Street’s major indexes rose on Wednesday as traders weighed the latest economic data as the Federal Reserve reached the end of its rate hikes and long-term yields eased.

At the same time, the dollar index hit 104 points as gold prices followed the release of data on US unemployment benefits and durable goods.

US stocks rebounded in November, with the S&P 500 nearing its highest level this year as signs of easing inflation prompted bets the Federal Reserve would raise interest rates.

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However, minutes from the central bank’s latest meeting on Tuesday showed policymakers’ bleak approach to monetary policy, weighing on optimism about the prospect of a rate cut early next year.

Data showed the number of Americans filing new claims for jobless benefits fell last week more than expected, although the labor market continued to slow, raising hopes for a softer landing, according to analysts. Meanwhile, durable goods posted a better-than-expected 5.4% decline in October.

The benchmark 10-year Treasury yield fell to 4.4061%.

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Prices fell more than 4% after OPEC+ producers unexpectedly postponed a meeting on production, and U.S. oil inventories rose by about 8.7 million barrels. The S&P 500 energy sub-index fell 1.4%, lagging all other sectors.

Art Hogan, chief market strategist at B Riley Wealth, said lower energy prices and the 10-year yield are helping to boost stocks.

Invidia Group (NASDAQ: ), the latest giant to announce its quarterly results, expected, but warned that U.S. export restrictions could lead to a sharp decline in fourth-quarter sales in China. Shares of the artificial intelligence chips industry leader fell 3.0%.

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Investors took note of the latest developments at OpenAI, just days after Sam Altman’s ouster and the ChatGPT maker reaching a deal to return Sam Altman as CEO. Shares of financial backer Microsoft Group (NASDAQ: ) rose 0.8%.

Shares of Lucid Motors (NASDAQ: ) fell 2.4%, while shares of Tesla (NASDAQ: ) declined 3.75%.

Light trading volumes also weighed on market moves ahead of the Thanksgiving holiday on Thursday.

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Wall Street indices at 19:00

It was up 0.27% at 35,183 points

It was up 0.3% to 4,551 points.

It was up 0.41% at 14,255 points.

Markets at 19:00 Saudi time

It was down 0.25% at $1,996 an ounce.

It was down 0.17% at $1,995 an ounce.

On the other hand, it increased by 0.55% to 104 points.

Meanwhile, Brent crude is now down 4% at $79.1 a barrel.

Texas crude was down 4.1% at $74.6 a barrel.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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