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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to extend the rally seen in the previous session. Early buying interest may be generated by news Greece reached a debt relief breakthrough with its creditors as well as optimism that the U.S. economy is strong enough to withstand higher interest rates.
Stocks moved sharply higher during trading on Tuesday, more than offsetting the modest losses posted on Monday. The major averages showed a strong move to the upside in early trading and remained firmly positive throughout the day.
Going into the close, the major averages moved roughly sideways, hanging on to substantial gains. The Dow jumped 213.12 points or 1.2 percent to 17,706.05, the Nasdaq soared 95.27 points or 2 percent to 4,861.06 and the S&P 500 surged up 28.02 points or 1.4 percent to 2,076.06.
The rally on Wall Street was partly due to bargain hunting, with traders picking up stocks at reduced levels following recent weakness. With the gains on the day, the major averages continued to regain ground after falling to their lowest levels in about two months last Thursday.
Positive sentiment was also generated by the release of a Commerce Department report showing a sharp jump in new home sales in the month of April.
The Commerce Department said new home sales surged up by 16.6 percent to an annual rate of 619,000 in April from a revised 531,000 in March. Economists had expected new home sales to climb by 2.3 percent to a rate of 523,000 from the 511,000 originally reported for the previous month.
With the much bigger than expected increase, new home sales reached their highest level since hitting 627,000 in January of 2008.
Brokerage stocks showed a substantial move to the upside on the day, driving the NYSE Arca Broker/Dealer Index up by 3.2 percent to its best closing level in almost a month. Housing stocks also saw considerable strength on the heels of the upbeat new home sales data.
Electronic storage, software, semiconductor and networking stocks also moved notably higher, while gold stocks were among the few groups to buck the uptrend. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Energy Information Administration is set to release its petroleum status report for the week ended May 20th at 10:30 am ET.
Crude oil inventories rose by 1.3 million barrels to 541.30 million barrels in the week ended May 13th. Stockpiles were at historically high levels for this time of the year.
Meanwhile, gasoline inventories fell by 2.5 million barrels but were well above the upper limit of the average range. Distillate inventories declined by 3.2 million barrels yet remained well above the upper limit of the average range for this time of the year.
Refinery capacity utilization averaged 89.3 percent over the four weeks ended May 13th compared to 89.1 percent in the four weeks ended May 6th.
At 1 pm ET, Dallas Federal Reserve Bank President Robert Kaplan will speak in a moderated question and answer session in Houston.
The Treasury Department is also scheduled to release the results of auction of $34 billion worth of five-year notes at 1 pm ET. |
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| | European Markets | | The major European markets have moved to the upside on the day, adding to the substantial gains posted in the previous session. The strength comes as Eurozone finance ministers cleared the way for fresh loans for Greece and investors grew more optimistic that the U.S. economy is strong enough to withstand higher interest rates.
Better-than-expected consumer and business confidence figures out of Germany also bolstered investors' risk appetite.
German consumer confidence is set to strengthen in June, a monthly survey by research group GfK showed. The consumer sentiment indicator rose to 9.8 from 9.7 in May. The index was forecast to remain unchanged.
Separately, the German Ifo Business Climate Index, which rates the current German business climate and measures expectations for the next six months, came in at 107.7 for May, up from 106.6 in April and beating forecasts for a score of 106.8. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian stocks gained ground on Wednesday even as the upbeat U.S. housing data fueled speculation the Federal Reserve will raise interest rates in June or July.
Investor sentiment was buoyed by an increase in oil prices, easing Brexit worries and news of a “major breakthrough” in talks between Eurozone finance ministers and Greece to unlock 10.3 billion euros in new bailout loans as well as debt relief for Athens as demanded by the IMF.
Japanese stocks hit their highest level in nearly a month, thanks to a weaker yen and hopes that the government will delay an April sales tax hike.
The Nikkei 225 Index climbed 258.59 points or 1.57 percent to 16,757.35, its highest level since April 27th, while the broader Topix index closed 1.23 percent higher at 1,342.88. Exporters Canon, Nissan Motor, Honda, Panasonic and Toshiba posted notable gains.
Market heavyweight Fast Retailing rallied 3.9 percent, robot maker Fanuc climbed 3.1 percent and mobile carrier Softbank advanced 2.4 percent. Sony Corp soared 6.5 percent despite forecasting weaker-than-expected profit growth this year.
Australian shares rebounded from a two-week low as robust U.S. housing data boosted commodity prices and the Reserve Bank of Australia flagged further rate cuts. Investors shrugged off data showing that activity in Australia's construction sector fell for the third straight quarter.
The benchmark S&P/ASX 200 Index climbed 76.90 points or 1.45 percent to 5,372.50, and the broader All Ordinaries Index finished 74.90 points or 1.40 percent higher at 5,436.80.
Meanwhile, Chinese shares gave up early gains to end a tad lower on worries about fresh capital outflows, as the yuan dropped to a 10-week low against the U.S. dollar on fears of a possible U.S. rate hike next month.
The benchmark Shanghai Composite index slipped 6.58 points or 0.23 percent to 2,815.09. On the other hand, Hong Kong's Hang Seng index jumped 537 points or 2.71 percent at 20,368. |
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| | Currency and Commodities Markets | | Crude oil futures for June delivery are climbing $0.66 to $49.28 a barrel after advancing $0.54 to $48.62 a barrel on Tuesday. Meanwhile, gold futures are trading currently at $1,222.30 an ounce, down $6.90 from the previous session’s close of $1,229.20 an ounce. On Tuesday, gold tumbled $22.30.
On the currency front, the U.S. dollar is trading at 110.22 yen compared to the 109.99 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1145 compared to yesterday’s $1.1141. |
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