What The IEA Said That Sent Oil Prices Tumbling
The lower-than-expected weekly
jobless claims number
gave the equity markets a bit of a push higher today,
while treasuries finished lower. The Equity markets dictated the direction of
the other markets today, as investors prepare for earnings announcements.
Equities
Better-than-expected earnings results from the
financial sector and lower weekly jobless claims sent stocks
higher. The S&P
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up 24 to finish at 8204. The Nasdaq
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Fixed Income
US Treasuries declined today
on the back of better economic news. The 10 year contract
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was down 0-060, closing at 114-115; the 30 year
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closing at 112-23; and the five year note finished
down 0-045 to close at 113-060
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Metals
Gold was stronger by 1.10 to finish at 327.30
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was down .45 to finish at 71.45
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Energy
Crude had a big mover lower, as the International
Energy Agency said global oil production rose to a record 80.3 million barrels a
day. Crude was down 1.39 to close at 27.46
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up by 5.419 and closed at 5.419
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Currencies
The US dollar finished lower against the major
currencies except the Yen, as the two Shiite clerics were assassinated in Iraq
and the Kurds entered oil-rich Kirkuk against the wishes of the US and Turkey.
The USD index
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finished at 100.20.