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Stocks climb as sentiment improves, oil plunges

Stocks climb as sentiment improves, oil plunges

October 7, 2021 07:03
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    Risk demand reemerges cautiously, but caution remains in place

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Home » Stocks climb as sentiment improves, oil plunges

Stocks climb as sentiment improves, oil plunges

by Stephen Soo
October 7, 2021 07:03
in Fundamental analysis
0
Stocks climb as sentiment improves, oil plunges

Washington and Beijing had agreed to hold a virtual meeting before the end of the year

Wall Street equities ended higher for a second day in a row overnight amid signs of progress on the debt ceiling debate. Meanwhile, a report from ADP showed that 568,000 private-sector jobs were created in September versus 425,000 expected. On the negative side, the previous reading was revised down to 340,000 from 374,000. Now, investor focus shifts to a closely watched nonfarm payrolls report due on Friday. During the session, the Dow Jones Industrial Average gained 0.3%, the S&P 500 rose 0.4%, and the Nasdaq Composite Index added 0.5%. In individual stocks, Microsoft rose 1.5%, Amazon gained nearly 1.3%, and Alphabet advanced 1.1%.

Tracking a rally in the US, Asian stock markets rose on Thursday amid the reports that Washington and Beijing had agreed to hold a virtual meeting before the end of the year. MSCI’s broadest index of Asia-pacific shares outside Japan jumped 1.25%. Japan’s benchmark Nikkei 225 gained 0.54% despite the Bank of Japan slashed its economic assessment for five of Japan’s nine regional economies in its latest quarterly report. Australia’s S&P/ASX 200 added 0.7% while Hong Kong’s Hang Seng surged 2.6%. Trading was closed in Shanghai for a Chinese national holiday.

In currencies, the dollar extended gains to notch fresh highs on Wednesday before steadying early on Thursday. EURUSD is slightly off mid-2020 lows seen at 1.1530 yesterday, looking vulnerable to further losses despite the oversold conditions. On the data front, industrial production in Germany dropped sharply by 4% on a monthly basis in August versus a 0.4% drop expected and 1% last. On an annualized basis, production rose by just 1.7% versus 11.4% expected and a 6% growth reported in July.

Elsewhere, oil prices corrected lower from fresh three-year highs on Wednesday. Brent crude peaked around $83.50 before retreating to the $80.60 area. Today, the prices have settled below the $80 figure amid profit-taking. Brent failed to hold around fresh highs as the U.S. Energy Information Administration said U.S. crude inventories rose by 2.3 million barrels last week. Gasoline inventories also rose.

Tags: AmazonBank of JapanBRENTDOW JONESEURUSDHang SengMicrosoftNasdaqNikkeiOilS&P 500
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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