How Oil Affected The Other Markets Today
Lower oil prices and better
earnings gave stocks and the US dollar a
lift, while Treasuries traded lower today.
Equities
Stronger profits, positive North Korean
rhetoric and an indication that SARS may be peaking in certain areas, sent
stocks higher today. Oil added more fuel to equity gains as consumers and
businesses will now have more money to spend on other items. McDonalds and
Procter & Gamble helped lift the broader markets, as they both reported better-than-expected earnings The S&P contract
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913.70,
and the Dow
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finish at 8440. And a report by the Semiconductor Industry Association
forecasting double-digit growth for the Semi industry helped the tech-heavy Nasdaq
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Fixed Income
The Treasury markets were lower today on the back
of equity market strength, but by some estimates, should have been lower
considering the stock market gains. The bond market is awaiting Wednesday’s
Treasury outline containing this quarter’s refunding, which may total $58 – $60
billion of new note offerings–to be spread among the 3, 5 and 10 year notes.
These additions could weigh on prices in the weeks ahead. The 10 year
futures contract
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unchanged; and the five year note finished
down 0-035 to close at 113-135
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Metals
Although there were some positive developments
today about the ability of the governments in Vietnam and Singapore to contain
the spread of SARS, the Chinese government has had less success in the matter.
As a result, industrial metals were lower today, as China is one of the largest
buyers of these metals. Copper
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to finish at 4.58
Energy
Crude oil fell for a fifth session on the
continued belief by the markets that OPEC will not be able to control
over-supply. June crude
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Currencies
The US dollar was mixed against most currencies,
except against the Australian dollar and New Zealand dollar. The dollar finished
stronger against the euro, after a poor business survey reading in Germany and
stronger US equities. The USD index
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finished at 98.92 on the day.