S&P 500 Back Above 2K at 7 Week High, Volkswagen Emissions Saga Continues
October 9, 2015 6:09 am
US stocks ended the session in positive territory, driven by rising oil prices and dampened expectations of 2015 US rate hike rise, with the S&P500 closing at a seven week high, up 17 points at 2013, while the Dow closed 138 points higher at 17050. Asian stocks also ended higher this morning, taking their cues from the US Session.
The Euro was holding firm at $1.1278 after scaling a three-week peak of $1.1328 on Thursday. USD was steady against its Japanese peer at 119.93 Yen.
In Commodities, Crude oil futures extended overnight gains, with Brent adding 0.4% to $53.32 a barrel, while U.S. crude was 0.6% higher at $49.70. Gold added about 0.5% to $1,144.56 an ounce, on track for a weekly gain of about 0.6%, after volatile trading in the wake of the Fed minutes. A delayed hike to interest rates could support gold in the near term.
In Equity news, the emissions scandal rolls on, with Volkswagen’s U.S. chief executive telling lawmakers on Thursday that cheating on emissions with the use of software in diesel cars was not a corporate decision, but something that “individuals did.” The U.S. Environmental Protection Agency said VW is expected next week to provide U.S. and California regulators with a preliminary attempt at a software fix for the defeat devices it installed in 2012-2014 Passats. Separately, the Australian unit of VW said it will conduct a voluntary recall of vehicles fitted with devices designed to mask the level of emissions, as it increased the estimated number of affected cars to nearly 100,000. Volkswagen’s share price is currently up by around 2.6% this morning.
US stocks ended the session in positive territory, driven by rising oil prices and dampened expectations of 2015 US rate hike rise, with the S&P500 closing at a seven week high, up 17 points at 2013, while the Dow closed 138 points higher at 17050. Asian stocks also ended higher this morning, taking their cues from the US Session.
The Euro was holding firm at $1.1278 after scaling a three-week peak of $1.1328 on Thursday. USD was steady against its Japanese peer at 119.93 Yen.
In Commodities, Crude oil futures extended overnight gains, with Brent adding 0.4% to $53.32 a barrel, while U.S. crude was 0.6% higher at $49.70. Gold added about 0.5% to $1,144.56 an ounce, on track for a weekly gain of about 0.6%, after volatile trading in the wake of the Fed minutes. A delayed hike to interest rates could support gold in the near term.
In Equity news, the emissions scandal rolls on, with Volkswagen’s U.S. chief executive telling lawmakers on Thursday that cheating on emissions with the use of software in diesel cars was not a corporate decision, but something that “individuals did.” The U.S. Environmental Protection Agency said VW is expected next week to provide U.S. and California regulators with a preliminary attempt at a software fix for the defeat devices it installed in 2012-2014 Passats. Separately, the Australian unit of VW said it will conduct a voluntary recall of vehicles fitted with devices designed to mask the level of emissions, as it increased the estimated number of affected cars to nearly 100,000. Volkswagen’s share price is currently up by around 2.6% this morning.
Related Posts: