(As of 7:15 am PST)
US
markets opened to the upside Friday following a surge in oil prices and a batch
of positive economic data. Official data showed consumer spending rose sharply
in January, while a report on retail sales showed sales rose 0.2% for the
month, better than expected. It appears some of the benefits of low fuel costs
are beginning to show up in consumer behavior as confidence has steadily been
on the rise recently despite the global backdrop of uncertainty. Oil prices are
soaring today, up 7.5% to $28 per barrel after reports that OPEC is ready to
cooperate on a plan for production cuts. International markets are mixed
heading into the weekend. European stocks are firmly higher recovering from
yesterday’s selloff, while Asian stocks limped into Friday’s close much more
downbeat, with Japan’s Nikkei falling 4.8% to close out its worst weekly drop
since 2008. Gold is giving back some of its gains from yesterday after jumping
to its highest value in over a year while interest rates ticked higher with the
10 yr. treasury yield hovering just below 1.7%.
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