(as of 6:45 AM PST)
Today's continuation rally is fueled by oil with Russia, Saudi Arabia and Venezuela agreeing to a freeze in oil production. US markets have opened 1% higher, to build on Friday's rally. The freeze in oil production was less than analysts had hoped for, with best hopes targeting a mutual production cut, but any news is good news for the struggling oil market these days. International markets started the rally. China markets opened anew after a week long New Year's holiday and they didn't disappoint. Europe is also on the bandwagon, generally up 1-2% across various markets. Throwing water on the US open was another large contraction in the Empire index, a key measure of industrial activity in the Northeast US. The measure was solidly in contraction territory although slightly higher than the previous month, clocking in at a -16, versus a -19 the previous month. Oil is stable while precious metals are giving up some of last weeks gains as investors are embracing risk to start the holiday shortened week.
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