Dow jumped 547 (but selling into the close), advancers over decliners 7-1 & NAZ went up 222. The MLP index shot up 9+ to the 203s & the REIT index climbed 7+ to the 364s. Junk bond funds crawled higher after recent selling & Treasuries were very heavily purchased, driving down yields. Oil recovered 3+ to 82 & gold gained 32 to 1668 (more on both below).
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Gold futures climbed to post their highest finish in nearly a week, supported by weakness in the $ & a drop in Treasury yields, as nervous traders boost haven buying of the metal ahead of the month's end. Gold futures for Dec rose $33 (2.1%) to settle at $1670 per ounce after trading as low as $1622. That was the highest most-active contract finish since Sep 22, Gold prices climbed today on safe-haven buying amid a very nervous marketplace, as the calendar is set to turn to what can be a tumultuous month of Oct for stock & financial markets. Gold currently trades higher for the week, but prices are still on track to post losses for the month, as well as the qtr. Analysts have largely blamed rising bond yields & the rampaging & for diminishing gold's allure as a haven asset. The ICE US Dollar Index a gauge of the $'s strength against a basket of rivals, was down 1.2% to 112.76. The yield on the 10-year Treasury fell to 3.84% from 3.963% yesterday.
Gold prices post their highest finish in nearly a week
Oil futures rallied, with US prices settling above $80 a barrel for the first time in nearly a week as Hurricane Ian led to a slowdown in production in the Gulf of Mexico. The Bureau of Safety & Environmental Enforcement reported that in response to the storm, 9.12% of oil production & 5.95% of natural-gas output in the Gulf has been shut in. That was, however, lower than shut ins of 11% of Gulf oil output & 8.56% of natural-gas output yesterday. Nov WTI crude rose $3.65 (4.7%) to settle at $82.15 barrel. Oct nat-gas, which expired at the end of the session, rose 3.3% to settle at $6.868 per M British thermal units.
U.S. oil futures settle back above $80 a barrel as Hurricane Ian disrupts Gulf output
Dow Jones Industrials
