Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

GLOBAL MARKETS-Oil rallies on output bets; U.S. yields, dollar steady

Published 2016-11-15, 11:20 a/m
© Reuters.  GLOBAL MARKETS-Oil rallies on output bets; U.S. yields, dollar steady
EUR/USD
-
USD/JPY
-
XAU/USD
-
US500
-
DJI
-
CBKG
-
GOOGL
-
AAPL
-
DX
-
GC
-
HG
-
LCO
-
CL
-
IXIC
-
US10YT=X
-
META
-
FTEU3
-
GOOG
-
MIWD00000PUS
-
DXY
-

* Treasuries prices little changed, yields near recent highs

* U.S. dollar holds recent gains, index hovers near 100

* Oil gains near 4 percent, copper falls (Adds U.S. open; changes comments, dateline from previous LONDON)

By Rodrigo Campos

NEW YORK, Nov 15 (Reuters) - Oil prices jumped nearly 4 percent on Tuesday on bets OPEC members will agree to cut output while stocks edged higher, led by technology shares that had fallen recently.

The U.S. dollar index .DXY held above the 100 level and touched a fresh 11-month high, and Treasuries prices were little changed with yields near multi-month highs.

The S&P 500 traded higher, led by recent decliners including Apple AAPL.O , Facebook FB.O and Alphabet GOOGL.O .

Bank stocks were the largest weight on Wall Street. They had been recent gainers on the expectation that the incoming Donald Trump administration would bring in less regulation and spark inflation through higher spending.

Tech stocks had been sold off in favor of sectors with lower valuations on the expectation of a spike in economic growth.

"We're sort of poised for a little bit of a pullback here as people reassess what the new administration is likely to accomplish," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

"The uncertainty is going to hang over the markets for a while. So we may see a lot of this back and forth."

The Dow Jones industrial average .DJI fell 40.06 points, or 0.21 percent, to 18,828.63, the S&P 500 .SPX gained 7.21 points, or 0.33 percent, to 2,171.41 and the Nasdaq Composite .IXIC added 42.04 points, or 0.81 percent, to 5,260.44. pan-European FTSEurofirst 300 index .FTEU3 gained 0.27 percent, while MSCI's gauge of stocks across the globe .MIWD00000PUS ticked up 0.3 percent.

OIL JUMPS, GREENBACK PAUSES

Oil producers in the Organization of the Petroleum Exporting Countries are due to meet later this month to agree to limit output, and hopes on a deal boosted prices. An outline deal was reached in September but negotiations on the detail are proving difficult, officials say. crude CLc1 was up 4.3 percent at $45.16 a barrel and Brent LCOc1 last traded at $46.16, up 3.9 percent on the day.

"Clearly the market is now seeing increased chances of an OPEC production cut," Commerzbank (DE:CBKG) analysts said in a note. "There is doubtless considerable pressure to take action, as the oversupply will not reduce itself."

Copper CMCU3 , which rallied nearly 20 percent over the three weeks to Friday, fell 1.2 percent to $5,495.00 a tonne.

The dollar index was in and out of negative territory for the day but remained near the 100 level and touched its highest since December. greenback had support from data showing U.S. retail sales rose more than expected in October, pointing to sustained economic strength that could allow the Federal Reserve to raise interest rates next month. euro EUR= edged down 0.05 percent to $1.0729, having strengthened as far as $1.0816 while the yen JPY= weakened 0.5 percent to 108.92 per dollar.

Benchmark 10-year notes US10YT=RR last rose -2/32 in price to yield 2.2295 percent, down from 2.222 percent on Monday.

Spot gold XAU= gained 0.4 percent to $1,224.46 an ounce. U.S. gold futures GCcv1 rose 0.2 percent to $1,224.20 an ounce.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.