SP 500 and Dow close at records
US stock indices ended at record high on Tuesday as technology stocks rebounded after two-day selloff. The dollar slipped ahead of Federal Reserve’s interest rate decision due today: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.14% lower at 97.008. Dow Jones industrial average added 0.4% closing at 21328.47. The S&P 500 gained 0.5% settling at 2440.35 led by materials and technology stocks. The Nasdaq index rose 0.7% to 6220.3.
European markets recover led by technology stocks
European stock indices recovered on Tuesday led by rebound in technology sector. Both the euro and British Pound inched higher against the dollar. The Stoxx Europe 600 rose 0.6%. Germany’s DAX 30 gained 0.6% closing at 12764.98. France’s CAC 40 added 0.4% and UK’s FTSE 100 ended 0.2% lower at 7500.44.
China's industrial output grows at a steady pace
Asian stock indices are mixed today as investors are cautious ahead of Federal Reserve’s monetary policy decision. Nikkei slipped 0.1% to 19883.52 despite a weaker yen against the dollar. Chinese stocks are down amid concerns about heightened regulatory scrutiny after reports the chairman of major financial firm Anbang was temporarily unable to fulfil his duties, just over a week after denying reports he had been barred from leaving the country. Data showed China's industrial output growth and retail sales held steady in May but fixed investment growth slowed down. The Shanghai Composite Index is down 0.7% while the Hong Kong’s Hang Seng Index is up 0.1%. Australia’s All Ordinaries Index added 1% despite continued strengthening of Australian dollar against the greenback.
Oil down on rising output
Oil futures prices are lower today on OPEC report of a rise in its production despite the agreement to cut back on output. OPEC said in monthly report its output rose by 336000 barrels per day (bpd) in May to 32.14 million bpd due to higher output from Libya, Nigeria and Iraq. Data from the American Petroleum Institute showed late Tuesday US crude stocks rose by 2.8 million barrels last week to 511.4 million, instead of an expected 2.7 million barrels draw. August Brent crude closed 0.3% higher at $48.29 a barrel on London’s ICE Futures exchange on Tuesday.