Homebuilders provided a modest lift to both U.S. and European stock markets on Tuesday, while oil prices got a brief boost from Iran's positive signals on an output freeze.
On Wall Street, technology companies led the Nasdaq to a record intraday high and robust housing market data strengthened the case for a firming economy.
Housing stocks jumped 2 percent .HGX after the Commerce Department reported new U.S. single-family home sales soared unexpectedly in July to near nine-year highs.
European equities rose 0.9 percent , led by mining stocks, after data pointed to continuing gradual improvement in the region's economy.
Shares of the region's homebuilders also gained following a solid update from UK homebuilder Persimmon (PSN.L), which closed 4.2 percent higher and was the biggest riser on the blue-chip FTSE 100 .FTSE. The index closed at its highest level since the UK voted to leave the European Union.
The housing data helped traders fill the gap as markets await further clues on whether the Federal Reserve will raise U.S. interest rates this year. Global central bankers gather in the mountains of Wyoming later this week and investors are focused on a speech by Fed Chair Janet Yellen on Friday.
"If we continue to keep getting strong economic data it will become hard for the Fed to rationalize not hiking rates," said Erik Wytenus, global investment specialist at J.P. Morgan Private Bank in Palm Beach Florida.
The Dow Jones industrial average .DJI rose 17.88 points, or 0.1 percent, to 18,547.3, the S&P 500 .SPX gained 4.26 points, or 0.2 percent, to 2,186.9 and the Nasdaq Composite .IXIC added 15.48 points, or 0.3 percent, to 5,260.08.
Big gains in oil prices, which had jumped as much as 2 percent on signals from Iran, were squeezed in post-settlement trading after data showed a surprise build-up in U.S. crude stocks.
The American Petroleum Institute reported that crude inventories rose by 4.5 million barrels in the week to Aug. 19, to 524.2 million. Analysts had expected a decrease of 455,000 barrels. [EIA/S]
After settling much higher, brent crude LCOc1 was still trading up about 37 cents, or 0.8 percent, at $49.53 per barrel, while U.S. West Texas Intermediate crude CLc1 was up 69 cents, or 1.5 percent, at $48.10.
Read more -
On Wall Street, technology companies led the Nasdaq to a record intraday high and robust housing market data strengthened the case for a firming economy.
Housing stocks jumped 2 percent .HGX after the Commerce Department reported new U.S. single-family home sales soared unexpectedly in July to near nine-year highs.
European equities rose 0.9 percent , led by mining stocks, after data pointed to continuing gradual improvement in the region's economy.
Shares of the region's homebuilders also gained following a solid update from UK homebuilder Persimmon (PSN.L), which closed 4.2 percent higher and was the biggest riser on the blue-chip FTSE 100 .FTSE. The index closed at its highest level since the UK voted to leave the European Union.
The housing data helped traders fill the gap as markets await further clues on whether the Federal Reserve will raise U.S. interest rates this year. Global central bankers gather in the mountains of Wyoming later this week and investors are focused on a speech by Fed Chair Janet Yellen on Friday.
"If we continue to keep getting strong economic data it will become hard for the Fed to rationalize not hiking rates," said Erik Wytenus, global investment specialist at J.P. Morgan Private Bank in Palm Beach Florida.
The Dow Jones industrial average .DJI rose 17.88 points, or 0.1 percent, to 18,547.3, the S&P 500 .SPX gained 4.26 points, or 0.2 percent, to 2,186.9 and the Nasdaq Composite .IXIC added 15.48 points, or 0.3 percent, to 5,260.08.
Big gains in oil prices, which had jumped as much as 2 percent on signals from Iran, were squeezed in post-settlement trading after data showed a surprise build-up in U.S. crude stocks.
The American Petroleum Institute reported that crude inventories rose by 4.5 million barrels in the week to Aug. 19, to 524.2 million. Analysts had expected a decrease of 455,000 barrels. [EIA/S]
After settling much higher, brent crude LCOc1 was still trading up about 37 cents, or 0.8 percent, at $49.53 per barrel, while U.S. West Texas Intermediate crude CLc1 was up 69 cents, or 1.5 percent, at $48.10.
Read more -
No comments:
Post a Comment