Dow inches closer to the 20000 level
US stock indices inched higher on Monday with investors unwilling to take big bets in preholiday week after the market rallied to record highs last week. The dollar continued strengthening: 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 0.27% higher at 103.139. The Dow Jones industrial closed 0.2% higher at 19883.06 failing to break the 20000 psychologically important level. The blue-chip index was led by Microsoft and United Technologies shares. The S&P 500 added 0.2% settling at 2262.53 with telecom and real estate stocks leading the broad market higher as eight of the 11 main sectors finished in positive territory. The Nasdaq index rose 0.4% to 5457.44.
Bank shares pull European markets down
European stocks retreated from 2016 highs on Monday as bank shares slipped. Both the euro and the British Pound weakened against the dollar. The Stoxx Europe 600 index slipped 0.1%. The DAX 30 rose 0.2% to close at 11426.70 supported by a report the Ifo business climate index for the country rose to its highest level since February 2014. France’s CAC 40 dropped 0.2% and UK’s FTSE 100 added 0.1% to 7017.16.
Bank of Japan upgrades economy’s outlook
Asian stocks are mixed today. Nikkei ended 0.5% higher at 19494.53 today as yen edged lower against the dollar after the Bank of Japan held policy unchanged as widely expected. However the central bank improved its outlook for economy stating Japan's economy continues to recover moderately as a trend. It painted also an improved picture of consumer demand, foreign trade and output saying consumption is moving on a firm note and exports and output were picking up. Chinese stocks are falling on tighter liquidity concerns as regulators move to tighten supervision of shadow banking activities. Both the Shanghai Composite Index and Hong Kong’s Hang Seng index are 0.5% lower. Australia’s All Ordinaries Index is 0.5% higher despite a stronger Australian dollar against the dollar.
Oil prices dip
Oil futures prices are retreating today as traders are unwinding positions in the run-up to the holiday season. Prices were volatile yesterday as geopolitical tensions rose on news of the murder of Russian Ambassador Andrey Karlov. February Brent crude ended 0.5% lower at $54.92 a barrel on London’s ICE Futures exchange on Monday.