Oil Market Makes a Come Back After Three Weeks, Stocks Mixed

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According to a recent news report in the Bloomberg, written by Claire Ballentine and Vildana Hajric, stocks are mixed and oil price rises most in almost three weeks.

Stocks mixed

U.S. stocks

Most of the U.S. stocks were mixed.  This scenario prevailed as the investors happen to sell some of the high-flyers pushing the U.S. equities to record highs.

Crude oil rallied and the dollar went on to touch a one-week high.

Stock market index
  • The S&P 500 approached its all-time high reached prior to the coronavirus pandemic.
  • The tech heavy Nasdaq 100 lost 0.5%.
  • The energy and industrial sectors led gains.
  • Chipmakers led declines amid renewed tensions with China.
  • Media shares dropped on speculation over the cancellation of college football.

Oil market gains

Saudi Aramco

Oil prices see a rise after three weeks followed by the Saudi Aramco announcement that demand will steadily improve.  It further added that traders bet on more U.S. stimulus.

Turkey’s lira

Turkey’s lira was weaker even as the banking regulator moved to slow lending in an attempt to stabilize the currency.

Europe and China

In Europe, stocks advanced led by financial companies.

Chinese equities climbed on the back of data showing the economy continuing to recover from the pandemic, with consumer inflation accelerating.

President Trump signs orders

President Donald Trump signed four executive orders to maintain some assistance that includes

  • unemployment benefits,
  • a temporary payroll tax deferral,
  • eviction protection and
  • student-loan relief.

Trump’s policy announcements come as Democrats and Republicans are still negotiating a broader additional virus relief package.

The two sides are still trillions of dollars apart on overall spending and on key issues, including aid to state and local governments and the amount of supplementary unemployment benefits.

Lebanese real-estate company

Elsewhere, shares in Lebanese real-estate company Solidere closed slightly higher as they traded for the first time since the deadly blast in Beirut’s port that killed more than 150 people.

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Source: Bloomberg

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