(As of 7:15 am PST)
Markets
have resumed ‘rally mode’ today after taking a breather on Tuesday, as the
S&P500 snapped a five day winning streak. Stocks are higher across the
board as energy companies led the way on higher crude oil prices. Oil prices
are up 2% this morning to nearly $50 per barrel after a report from the
American Petroleum Institute showed weekly inventories declining by 1.2 million
barrels in the latest week. Oil prices have been on a surge lately, up 9% in
October, while rallying nearly 30% from their August low. The rise in oil has lifted some energy names recently, helping to buoy stocks in the midst
of otherwise disappointing economic data. International markets are also participating
in today’s rally with Asian and European indexes up across the board. The Bank
of Japan kept its monetary policy unchanged Wednesday, but speculation remains
high that the central bank could ease policy before its October 30 meeting.
European stocks are higher with energy shares leading all
sectors. Gold is flat today while interest rates ticked up slightly.
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