SP 500, Dow rise as House passes 2018 budget
US stocks retraced higher on Thursday buoyed by better than expected corporate reports and the House of Representative’s approval of the budget blueprint. The dollar surged after the European Central Bank announced it would reduce its monthly asset purchases from January while extending the program through at least September 2018: 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, jumped 1.1% to 94.629. Dow Jones industrial average rose 0.3% to 23400.86. The S&P 500 gained 0.1% to 2560.40. The Nasdaq composite index meanwhile lost 0.1% closing at 6556.77.
European stocks rally on dovish ECB plan
European stocks rallied on Thursday on ECB’s plans to reduce its monthly bond purchases by half to €30 billion starting in January but extend them to at least September 2018. Both the euro and British Pound resumed the slide against the dollar. The Stoxx Europe 600 index closed 1.1% higher. Germany’s DAX 30 jumped 1.4% to 13133.28. France’s CAC 40 outperformed rallying 1.5% and UK’s FTSE 100 rose 0.5% to 7486.50. Indices opened 0.1%-0.5% higher today.
Asian markets advance
Asian stock indices are mostly higher today with market sentiment buoyed by upbeat US earnings reports. Nikkei rose 1.2% to 21-year high 22008.54 as yen weakness against the dollar persisted. Chinese stocks are rising: the Shanghai Composite Index is 0.3% higher and Hong Kong’s Hang Seng Index is up 0.7%. Australia’s All Ordinaries Index is down 0.2% despite extended losses in Australian dollar against the greenback.
Oil edges lower
Oil futures prices are inching lower today. Prices rose yesterday on comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts deal beyond march 2018, when it is currently set to expire. Brent for December settlement rose 1.5% to end the session at $59.30 a barrel, 15-month high.