Reliance Trading Co. Limited: Stock Market and Oil prices wraps up surging on todays trading
U.S. Stock market jumped up this Wednesday morning after news about Senator Bernie Sanders left presidential race
By: Reliance Trading Co. Limited
The Dow Jones Industrial rose 779.71 points to 3.44% or 23,433.57. The S&P 500 jumped up by 3.41% to 2,749.98 while Nasdaq Composite advanced 2.58% to 8,090.90. Travel and stocks also went up today. Carnival jumped 6.11% while Royal Caribbean gained 11.95% and Apache, Diamondback Energy and Occidental Petroleum all rose at least 12% leading high in energy sector.
Under commodities, Oil prices are also up this Wednesday morning. The surge is due to the upcoming OPEC+ meeting which will possibly cut the cost of output of 10 million barrels per day. A spokeswoman for Russian energy ministry said the nation will commit to cuts based on its proportion of the total production. West Texas Intermediate (WTI) crude rose by +6.18% to $25.09 per barrel, while Brent Crude jumps up to +3.04% to $32.84 per barrel.
Gold however weakened by 0.1% to $1,646.30 an ounce while silver is up by $14.96 per ounce.
The yield on 10-year Treasuries climbed four basis points to 0.76%, the highest in more than a week while the yield on two-year Treasuries declined one basis point to 0.25%.
For currencies dollar spot index (DXY) is up by 100.10 so with British pound which is up by 0.4% to $1.2381. The Japanese yen strengthened 0.1% to 108.86 per dollar while euro fell 0.3% to $1.0855.
Against all the problems brought by the coronavirus pandemic all throughout the globe, there are still that light we'll see in the form of unity from different nations. Economy will not end by just this crisis for everyone will go through positively.
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Reliance Trading Co. Limited