Daily Market News: July 4, 2014
July 4, 2014 11:30 amVideo
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July 4, 2014 – Daily Market News
The NFP report was released yesterday and showed that 288,000 jobs were created during the month of June. The Unemployment rate was also very positive and dropped to 6.1%. The figures produced positive sentiment and caused U.S. stocks to climb and reach record levels once again. The S&P 500 closed 0.55% higher at 1,985.44 and the Dow Jones closed 0.54% higher at 17,068.26 (the first time the measure has ever been above 17,000). Asian stocks climbed across the region following the U.S. sentiment. The positive data caused the Dollar to climb against the Yen and consequently, the Nikkei added 0.58%. The Hang Seng added 0.06% also benefitting from the U.S. data. European stocks have opened lower after three days of gains. Currently, the CAC 40 is down 0.11% while London’s FTSE 100 is off 0.09% and Germany’s DAX is lower by 0.05%. As today is Independence day, markets in the U.S will remain closed so we may see light trading throughout the day.
WTI Crude continues to fall and it currently trading around a monthly low. Reports that supplies could increase from Libya have pushed prices down, as well as the stronger U.S. dollar. The commodity may continue to decline as geopolitical tension decreased. Gold decreased after the positive U.S. data. However, investors still believe that interest rates will not be increased any quicker and therefore, the metal did not fall too drastically. The price was then spurred by physical demand and lower than expected data from Germany. Volatility should remain low as the U.S. market is closed.
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