Dow Jones hits second record high in two days
The Dow Jones industrial average closed at a fresh record high on Tuesday for a second day in a row as the uptrend continued. The dollar strengthened on positive factory orders data: 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, closed 0.3% higher at 101.465. The Dow Jones industrial average gained 0.2% to 19251.78, led by 1.2% advance in Goldman Sachs shares. The S&P 500 rose 0.3% settling at 2212.24 with financial stocks leading the gains. The Nasdaq index outperformed gaining 0.5% to 5333.00.
Recovery in Italian stocks leads European markets higher
European stocks closed higher on Tuesday for the second session in a row helped by strong gains in bank shares and utilities. Both the euro and the British Pound weakened against the dollar. The Stoxx Europe 600 ended 1% higher. Germany’s DAX 30 ended 0.9% higher at 10775.32. France’s CAC 40 outperformed rising 1.3% and UK’s FTSE 100 index gained 0.4% closing at 6779.84..
Australia GDP falls in third quarter
Asian stocks are rising today with investor confidence buoyed by global market response to Italian referendum results on Monday. Nikkei ended 0.7% higher today at 18,496.69 points with weaker yen boosting exporter shares. Shares of SoftBank rallied 6.2% after the company announced plans to invest $50 billion in US companies. Chinese stocks are advancing with investors cautious about the impact of increased scrutiny by China’s insurance regulator which said it would inspect insurance funds to minimize possible financial risks brought by massive stake buyouts by big insurance companies. Investing in stocks by insurers in China has contributed to the Shanghai market’s advance recently and slowing of purchases may result in lower support for the market. The Shanghai Composite Index is 0.7 higher while Hong Kong’s Hang Seng index is up 0.5%. Australia’s All Ordinaries Index rose 0.9% with Australian dollar declining against the dollar on the report the gross domestic product fell for the first time in five years.
Oil prices retreat despite expected US inventory decline
Oil futures prices are edging lower today as traders are getting skeptical about the impact of planned OPEC oil output cuts on global supply glut in light of record production in both OPEC and Russia since the deal was announced. February Brent crude, the global oil benchmark, fell 1.8% to $53.93 a barrel on London’s ICE Futures exchange yesterday. At 16:30 CET today Crude Oil Inventories will be released by the Energy Information Administration, a reduction in crude inventories is expected.