Dow closes more than 250points higher, S&P 500 rises as softening oil prices lift stocks
Stocks jumped Monday as investors looked for a batch of megacap technology earnings to keep driving the Nasdaq Composite to new heights this week. A cooling geopolitical situation also aided risk sentiment.
The S&P 500 gained 0.27% to close at 5,823.52. The Dow Jones Industrial Average advanced 273.17 points,or0.65%,toendat42,387.57.TheNasdaqrose 0.26%, closing at 18,567.19.
Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared, and oil futures sold off on the day. U.S. crude futures were down 6%, along with international benchmark Brent.
This week is the busiest one in the third-quarter earnings reporting season. It’s also the last week before the Nov. 5 U.S. presidential election and the Federal Reserve policy decision on Nov. 7.Five of the Magnificent Seven companies Alphabet, Microsoft, Meta Platforms, Amazon and Apple are scheduled to report their latest financial results. Shares of Apple and Alphabet each climbed about 0.9%
Source:
https://www.cnbc.com/2024/10/27/stock-market-today-live-updates.html
Oil prices settle down on report of talks to end Lebanon war
Oil prices closed slightly lower on Tuesday, adding to a more than 6% drop in the previous session, on a report that Israeli Prime Minister Benjamin Netanyahu will hold a meeting for a diplomatic solution to the war in Lebanon.
Brent crude futures settled down 30 cents, or 0.4%, at $71.12 a barrel, while U.S. West Texas Intermediate crude shed 17 cents, or 0.3%, to $67.21 a barrel.
The two benchmarks had gained more than $1 a barrel earlier in the session. Both contracts fell on Monday to their lowest levels since Oct. 1 after Israel's retaliatory strike on Iran at the weekend bypassed Tehran's oil infrastructure.
Netanyahu will hold a meeting on Tuesday evening with Israeli ministers and the heads of the country's military and intelligence community about talks for a diplomatic solution to the war in Lebanon, Axios reporter Barak Ravid said on X, citing two sources
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that Iran will "use all available tools" to respond to Israel's weekend attack.
Source:
https://www.reuters.com/markets/commodities/oil-prices-edge-up-us-plan-refill-reserve-
USdollarsofteraheadofelection and jobs data
The dollar softened against other major currencies on Wednesday, after stronger-than-expected U.S. data and a UK budget release set off choppy trading in a market awaiting jobs data later this week and a U.S. election the next.
U.S. private payrolls growth surged in October, overcoming fears of temporary disruptions from hurricanes and strikes, according to the ADP National Employment Report.
Meanwhile, separate data showed the U.S. economy grew at an annualized rate of 2.8% in the third quarter, slightly lower than the 3% expected by economists.
The U.S. dollar index, which measures the currency against six major rivals, rose to 104.43 earlier in the session but was last seen down 0.17% to 104.06. It rose to the highest since July 30 at 104.63 on Tuesday.
"Besides sterling, I think today is about position adjusting ahead of the data on Friday," said Marc Chandler, chief market strategist at Bannockburn Global Forex. "The two big uncertainties are the U.S. jobs data on Friday and the U.S. election."
Mixed U.S. indicators overnight, showing a loosening U.S. jobs market but a confident consumer, provided little clarity on the outlook for Federal Reserve rates, allowing the greenback to drift lower with Treasury yields.
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