Stocks Fly As Oil Freeze Looks Likely

The markets burst into action yesterday amid news that a final deal for a freeze in Oil production, from Russia and major nations, will not depend on Iran. Crude Oil pushed up 3% to within a whisker of the March 2016 high.

Stocks gained with the S&P500 closing up at 2,061.72 and the Dow Jones Industrial Average at 17,721.25.

The rise looks set to continue, with major European indices joining in the surge. The FTSE 100 rushed to a 2016 high during early morning trading, buoyed by Oil prices.

Whilst US markets are not hitting new highs for the year, this strength could yet push the market that way. Energy stocks are gaining and with a surge in commodities, the market doesn’t yet look set for a fall.

However, a lot will depend on earning season. Reuters commented today:

Investors will focus on corporate earnings over the next several weeks, amid turbulent global markets and uncertainty surrounding the U.S. Federal Reserve’s plan to raise interest rates.

Yet for now, advancing issues are outnumbering declining issues on the NYSE and Nasdaq.

Gold held firm, after a recent rise from $1200. However, early European trade has seen the precious metal pull back a little, which could aid the fuel into stocks.

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Pete Southern

About Pete Southern

Pete is an active investor with knowledge of all sectors but his first love are IPO's. A failed day trader who now understands research. A love of economics and writing seen Pete begin to publish content for various finance blogs. Our main editor and collator of contributions, he is your point of contact via editorial at stockpricetoday.com

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