Crude Oil Rises On Iran Concerns
The week began with a slew of
economic data. The Commerce Department
reported Personal Income and Spending grew in March
(report),
and that Construction Spending rose in March (report).
The Institute of Supply Management’s ISM Manufacturing Index rose to 53.7 in
April (report).
The Fed’s Jack Guynn commented that monetary policy was near where it should be
(report).
Other Fed comments can be found
in our
Economic
News section.
Treasuries closed lower on Monday, pushing yields back towards multi-year highs
after the release of today’s surprisingly strong economic data.
The US Dollar Index continued its slide, closing lower for the seventh
consecutive day.
Gold closed at a new contract high of $660.20.
Crude Oil futures rise on
Iran concerns
Crude Oil futures rose sharply for the second
consecutive day as the US urged the UN to impose
sanctions against Iran. June Crude Oil rose 2.53% to close at $73.70. Unleaded
Gas and Heating Oil also rose.
Natural Gas ended a seven day losing streak by closing slightly higher on the
session.
In the softs, Sugar +1.72%, Cocoa +1.47% and Orange Juice +1.00 were the best
performers. Coffee -0.09% was the only contract to close lower.
Economic News
Personal Income Up 0.8%; Personal Spending Up 0.6% (report)
Construction Spending Up 0.9% In March (report)
ISM Manufacturing Index At 57.3 For April (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
Want a free month of
PowerRatings?
Send us your
PowerRatings
strategy and receive one free month of this exciting trading tool. If you are
already a monthly or annual
PowerRatings
subscriber, you will receive an additional three months if we publish your
strategy.