Morning All
Thanks Shelby and crew
SPI: +15 @ 5491
XJO Yesterday: -27 @ 5508
Oil continues to show resilience with another strong show overnight, driving prices moderately higher aided by a weakening dollar.
Wall Street edged up on gains in the energy sector and big-box retailer Wal-Mart that offset losses in the telecom sector. Wal-Mart rose as much as 3.1 percent to $75.19, a 14-month high, after a better-than-expected quarterly profit.
"The market has been Fed-driven so far; it is going through a phase where it will pivot from the Fed to more emphasis on companies growing their revenues," said Thomas Wilson, managing director of Wealth Advisory at Brinker Capital, in Berwyn, Pa. 1
S&P: + .2%
Nasdaq: .2%
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Energy stocks provided the biggest sector boost overnight. Brent crude rose to its highest since July 4 as the world's biggest producers prepared to discuss a possible freeze in production levels.
Members of the OPEC will meet on the sidelines of the International Energy Forum in Algeria on Sept. 26-28.
Brent last traded at $50.82 a barrel, up nearly 2 percent on the day. U.S. light crude oil was up about 3 percent at $48.23.
Oil prices were also helped by a falling dollar, which slipped as traders marked down the odds of an interest rate increase by the Fed.
"When we did not receive the unambiguous hawkishness from the FOMC minutes, that kind of opened up the door to additional (dollar) selling," said Kathy Lien, managing director at BK Asset Management in New York.
Oil is priced in dollars, so it becomes more valuable as the dollar's value falls. 1
Iron Ore: Flat @ $60.69
Copper: + .9%
Nickel: + 1.45
Zinc: + 1.5%
Aluminium: - .25%
The marketplace is focused on the slumping U.S. dollar index, which hit a seven-week low overnight. The weakening greenback is a bullish element for the raw commodity sector. Most major raw commodities on the world marketplace are priced in U.S. dollars. When the dollar depreciates against the other currencies, it makes commodities cheaper to purchase with non-U.S. currency. 2
Gold: $1352
HUI: + 1.3%
AUD Gold: $1759
AUD: .7685
On Today:
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Have a good day
Sources:
1 Reuters
2 *****
