Spreadex Market Update
Dow Jones crosses 18000 as Brent Crude edges towards $52.50 per barrel
Starting the day around 60 points higher the Dow Jones managed, with little prompting bar a better than expected JOLTS job openings figure, to cross the 18000 mark for the first time since the end of April. It seems that the rate-hike-delaying of last Friday’s non-farm nightmare, alongside the subsequent comments from Janet Yellen stating as much, has been enough to send the US index back towards that landmark level.
There is something of a caveat attached to this rise, however. Back in April the index only managed to remain at those highs for around 10 days before gradually dropping 500 points, something that could happen again when the July Fed meeting (with next week’s June get together now set to be a relative damp squib) begins to loom.
It took its time, but finally the FTSE began to rise in accordance with the market situation this Wednesday, the strong US open seemingly the final nudge it needed to stretch its legs beyond 6300. Its 25-ish point rise comes off the back of a set of manufacturing and industrial production figures this morning that, in something of an understatement, surpassed analysts’ expectations. Then there is Brent Crude’s latest surge, the black stuff crossing $52 per barrel (and edging closer to $52.50) despite last night’s worse than forecast Chinese trade balance reading. Obviously this was catnip for the commodity stocks, which continued what is turning out to be a very strong week of trading.
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