{"id":105880,"date":"2017-05-11T07:11:13","date_gmt":"2017-05-11T11:11:13","guid":{"rendered":"http:\/\/countingpips.com\/?p=105880"},"modified":"2017-05-11T06:54:27","modified_gmt":"2017-05-11T10:54:27","slug":"us-broad-market-edges-up-as-energy-stocks-follow-oil-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/05\/us-broad-market-edges-up-as-energy-stocks-follow-oil-higher\/","title":{"rendered":"US broad market edges up as energy stocks follow oil higher"},"content":{"rendered":"
May 11, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Nasdaq hits a fresh record<\/h2>\n<\/div>\n<\/div>\n

US stocks <\/b>closed marginally higher on Wednesday led by energy shares as oil advanced. The dollar inched higher as Treasury yields edged higher: the live dollar index<\/a> data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, closed up 0.1% at 99.627. The S&P 500<\/a> added less than 0.1% settling at 2399.63 with eight out of 11 sectors ending higher, led by the energy sector up 1.1%. The Dow Jones <\/em>industrial average fell 0.2% to 20943.11 weighed by Walt Disney and Boeing shares, down 2.15% and 1.25% respectively. Nasdaq <\/em>index posted its fifth consecutive gain rising 0.1% to a record high 6129.14.<\/p>\n

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Markets weren\u2019t impacted much by President Donald Trump\u2019s abrupt firing of FBI Director James Comey. Boston Fed President Eric Rosengren, a nonvoting member of the Fed, said the central bank should raise interest rates three more times this year and gradually reduce the $4.5 trillion balance sheet after the next rate increase. A day ago he commented the Fed should begin reducing the balance sheet \u201crelatively soon\u201d. Economic data were positive on Wednesday: import prices rose 0.5% in April, while export prices were up 0.2%. Both were higher than expected. And the US recorded an April budget surplus of $182 billion. Today at 14:30 CET initial jobless claims and unemployment claims will be released, as well as April Producer Price Index will be published, the outlook is positive for dollar.<\/p>\n<\/div>\n<\/div>\n

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European stocks rise on positive earnings reports<\/h2>\n<\/div>\n<\/div>\n

European stocks <\/b>advanced on Wednesday with investor confidence further buoyed by solid earnings updates after market-friendly victory of Emmanuel Macron in the French presidential election on Sunday. Both the euro <\/em>and British Pound <\/em>slipped against the dollar. The Stoxx Europe 600 added 0.2% to Tuesday\u2019s 0.5%, up 9.7% year to date. Germany\u2019s DAX 30 <\/em>rose 0.1% to 12757.46. France\u2019s CAC 40 <\/a>gained less than 0.1% and UK\u2019s FTSE 100 <\/em>index rose 0.6% settling at 7385.24.<\/p>\n

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Positive earnings reports provided additional support for market sentiment as more than 71% of European firms having beaten earnings expectations with the European earnings season more than halfway through. And bank stocks are among the strongest performers so far. In economic news, the 2% rise in French industrial production was bigger than expected, lifted by 2.5% jump in manufacturing production. Today at 10:30 CET March Trade Balance, Manufacturing and Industrial Production, Construction Output will be published in UK, the outlook is negative for Pound. At 13:00 CET Bank of England interest rate decision will be published in UK. No change in policy is expected. And at 14:00 CET April GDP will be released, the outlook is negative for Pound.<\/p>\n<\/div>\n<\/div>\n

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Asian stocks extend gains<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b> are up today led by energy and materials stocks as oil price continues rising. Nikkei <\/em>ended 0.4% higher at 19975.00 despite a yen pullback against the dollar. Chinese stocks are up after reports country\u2019s stock regulator\u2019s crackdown in the shadow-banking sector is targeted at nonstandard assets and doesn\u2019t include bonds, relieving liquidity concerns. Shanghai Composite Index <\/em>is 0.3% higher and Hong Kong\u2019s Hang Seng Index <\/em>is up 0.5%. Australia\u2019s All Ordinaries Index is 0.02% higher as the Australian dollar extends gains against the greenback.<\/p>\n

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Oil prices rebound on US inventory draw<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices <\/b>are rising after US government data revealed the biggest weekly decline in domestic crude supplies so far this year. On Wednesday the Energy Information Administration reported that US crude supplies fell 5.2 million barrels last week, as imports dropped sharply while inventories of refined products also fell. However US crude oil output continued rising, up 21 thousand barrels to 9.314 million barrels per day. Oil prices were supported also by news Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June as domestic consumption grew. July Brent crude rose 3.1% to $50.22 a barrel on Wednesday on London\u2019s ICE Futures exchange.<\/p>\n

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Nasdaq hits a fresh record US stocks closed marginally higher on Wednesday led by energy shares as oil advanced. The dollar inched higher as Treasury yields edged higher: the live dollar index data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, closed […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-105880","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/105880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=105880"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/105880\/revisions"}],"predecessor-version":[{"id":105890,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/105880\/revisions\/105890"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=105880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=105880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=105880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}