(As of 7:25am, PST)
U.S. Stocks are headed in a positive direction this
morning riding an uptick in oil and responding to some developments overseas.
Currently the Dow is up over 150 points and the S&P500 is trading up nearly
15 points. Oil and the energy sector are giving the markets some momentum due
to relief in the oversupply from outages in Canada and Nigeria. The wildfires
in Canada have reduced production by nearly 1.6 million barrels a day which in
turn is pushing oil prices higher. Economic news from China overnight was
better than the disappointing trade news that pushed the markets around the
world lower yesterday. China’s inflation data was reassuring because it didn’t
get worse. The Consumer Price Index remained unchanged year-over-year in April
and the Producer Price Index in April compared favorably to the decline that
was seen in March. This news turned the tide for the Asian markets overnight
which were dismal coming out the weekend. In Europe, a group met to discuss the
Greece bailout and the news is that there may be hope of some debt relief for
Greece. All of the major markets in Europe are currently trading in positive
territory. The earnings season is winding down and investors don’t seem to be
paying much attention to the results at the moment. The results yesterday were
mixed with Gap reporting a miss along with an impressive report from Hertz
Global.
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