Market Review

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Daily Review: 16.08.2016

August 16 - Wall Street stocks register another record-high ahead of US economic data

All three major U.S stock indices extended their record-setting climb of the past week, closing at another record high on Monday as investors await this week’s US economic data and minutes of Federal Reserve’s last meeting.

The Dow, NASDAQ and Standard and Poor’s 500 all closed at all-time highs, supported by the rise in oil prices that propelled energy and material shares.

The DuPont DD, -0.89% and Goldman Sachs Group Inc. GS, +0.06%  steered Dow Jones Industrial Average to gain 59.58 points, or 0.3%, to close at 18 636.05. Last Thursday, the Dow closed at a high of 18 613.52.

Nasdaq composite powered to its third record closing high in a row, adding 29.12 points, or 0.6%, to finish at 5 262.02, surpassing Friday’s previous closing high of 5 232.89.

Seven of the 10 major sectors traded higher which led S&P 500 to advance 6.10 points, or 0.3%, to close at 2,190 points. The index recorded an all-time high of 2 185.79 on Thursday.

Hopes for big “freeze” heats up oil prices

Two weeks ago, oil had fallen below $40 per barrel.

And for the past three trading days this week, prices had surged 10% and continued to rally on Monday, closing at above $45.50.

The big oil rally was driven by the hopes that the OPEC, Russia and other major oil producers will push a “freeze” production. The unscheduled September OPEC meeting in Algeria beeped up the latest freeze buzz.

International Brent crude oil futures were up 13 cent from their last settlement, or 10% to finish at $47.10 per barrel while the US West Texas Intermediate crude futures added 16 cents to close at $44.65 per barrel.

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