US Indices Scale New Heights, Japanese Figures Show Emergence From Recession
February 16, 2015 9:00 am
The S&P 500 index closed at a record high on Friday, as energy shares gained with oil prices, while the Nasdaq composite index hit a 15-year high helped by technology stocks. The Dow Jones industrial average rose 46.97 points, or 0.26%, to 18,019.35, while the S&P 500 gained 8.51 points, or 0.41%, to 2,096.99, a record high. The Nasdaq Composite added 36.22 points, or 0.75%, to 4,893.84. Japanese shares touched an eight-year high on Monday following a record close on Wall Street, with investors cautiously optimistic the European Union would make progress this week on a debt deal with Greece. Industrial Production from Japan this morning showed the country has rebounded out of recession after two quarters of stagnation. The economy grew by 2.2%, although this was still far short of the 3.7% expected by analysts.
Without a clear outcome on Greece, there is little conviction to buy or sell the Euro. As a result, the common currency has been drifting in a slim $1.1262-1.1534 range in the last few weeks. It was last at $1.1419. Against the Yen, the Euro was steady at 135.20, off a three-week peak of 136.70 reached last Thursday. The Dollar slipped to 118.45 Yen, recoiling from a one-month high of 120.48 set last Wednesday. The main mover on Monday was Sterling, which scaled a six-week peak following recent hawkish-sounding comments from the Bank of England. The Pound climbed as far as $1.5435, from around $1.5407 late on Friday.
In commodities, oil ran out of puff after a sharp rally on Friday. Brent crude dipped 3 cents to $61.49 per barrel, while U.S. crude lost 5 cents to $52.73.
The S&P 500 index closed at a record high on Friday, as energy shares gained with oil prices, while the Nasdaq composite index hit a 15-year high helped by technology stocks. The Dow Jones industrial average rose 46.97 points, or 0.26%, to 18,019.35, while the S&P 500 gained 8.51 points, or 0.41%, to 2,096.99, a record high. The Nasdaq Composite added 36.22 points, or 0.75%, to 4,893.84. Japanese shares touched an eight-year high on Monday following a record close on Wall Street, with investors cautiously optimistic the European Union would make progress this week on a debt deal with Greece. Industrial Production from Japan this morning showed the country has rebounded out of recession after two quarters of stagnation. The economy grew by 2.2%, although this was still far short of the 3.7% expected by analysts.
Without a clear outcome on Greece, there is little conviction to buy or sell the Euro. As a result, the common currency has been drifting in a slim $1.1262-1.1534 range in the last few weeks. It was last at $1.1419. Against the Yen, the Euro was steady at 135.20, off a three-week peak of 136.70 reached last Thursday. The Dollar slipped to 118.45 Yen, recoiling from a one-month high of 120.48 set last Wednesday. The main mover on Monday was Sterling, which scaled a six-week peak following recent hawkish-sounding comments from the Bank of England. The Pound climbed as far as $1.5435, from around $1.5407 late on Friday.
In commodities, oil ran out of puff after a sharp rally on Friday. Brent crude dipped 3 cents to $61.49 per barrel, while U.S. crude lost 5 cents to $52.73.
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