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Dow Jones up for 4th day in a row
16 February 2018, 04:46 | Lionel James
Dow Jones up for 4th day in a row
Dow futures climbed 126 points, or 0.5%, to 24,987, while S&P 500 futures rose 11.35 points, or 0.4%, to 2,708.25. The Nasdaq climbed 130 points, or 1.9 percent, to 7,143. Concerns about rising inflation contributed to the fall, but even though investors have seen more signs of inflation in the last few days, major indexes are on a five-day winning streak and have recouped about half of their recent losses.
As such, the US economy is on track to grow about 3.1 percent in 2018, according to Credit Suisse, following the budget deal last week.
Volume on U.S. exchanges was 7.12 billion shares, below the 8.46 billion average for the full session over the last 20 trading days. They spiked in the first two weeks of February as stock indexes took some wild swings.
A Labor Department report showed US producer prices rose 0.4 percent in January, but only matched economists' estimates and likely helped further ease fears that inflation was picking up faster than expected. "But frankly, the path of least resistance is still up and fundamentals haven't really changed".
"So much Treasury debt is going to have to come to the market that people are starting to do the calculus of 'this is going to push interest rates higher, '" he said. Surprisingly, markets rose, suggesting investors are now less concerned about inflation than they were earlier this month, when an upbeat wage growth report sent markets reeling over fears the Federal Reserve might start raising interest rates faster than anticipated earlier.
USA crude oil turned higher in afternoon trading after a slump in the morning. However, the year-on-year rise was unchanged at 1.8 percent. Brent crude, used to price global oils, fell 56 cents to $63.80 a barrel in London.
Wholesale gasoline picked up 2 cents to $1.74 a gallon.
ENERGY: Oil futures fell, with the USA benchmark down 25 cents to $60.35 a barrel in electronic trading on the New York Mercantile Exchange. Natural gas lost 1 cent to $2.59 per 1,000 cubic feet.
Still, energy companies mostly fell.
Asia stocks climb despite rising U.S. inflation & stronger Yen as equity investors showed signs of warming to a world w/ #inflation & sustained pace of tightening in United States monetary policy. Silver fell 8 cents to $16.80 an ounce. Copper picked up 7 cents, or 2.3 percent, to $3.24 a pound.
The dollar fell to 107.09 yen from 107.69 yen. The euro dipped to $1.2294 from $1.2351.
France's CAC 40 climbed 1.1 percent, led by a big gain from Airbus.
The S&P 500 has now surged about 5 percent since last Thursday, but is still 5.5 percent below its record high on January 26. Hong Kong's Hang Seng advanced 2 percent to close at 31,115.43 in a half-day trading session. Trading was winding down in China ahead of the Lunar New Year holidays.
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UFC 221: The Real Winners and Losers from Perth, Australia
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