Dow went up 153 with a little selling into the close, advancers over decliners 5-2 & NAZ rose 165. The MLP index rose 2+ to the 222s & the REIT index stayed near even at 357. Junk bond funds edged higher joining in the rally for stocks & Treasuries continued to have modest buying which lowered yields. Oil went up 2 to go over 2000 & gold was up 13 to 1995 (more on both below).
AMJ (Alerian MLP Index tracking fund)
Learn to trade options with MarketClub!
How bipartisan budget, debt limit deal impacts spending, deficit
Defense spending levels threaten to delay Senate plan to fast-track debt bill
US weekly jobless claims rise slightly; labor market defies recession
Gold prices finished higher after touching intraday highs above the key $2000 an ounce level for the first time since mid-May. Investors eyed developments tied to the debt-ceiling deal & looked ahead to monthly labor market data due tomorrow. Gold futures for Aug gained $13 (0.7%) to settle at $1995 per ounce after trading as high as $2000 during the session.
Gold taps highs above $2,000 ahead of monthly U.S. jobs data
Oil futures climbed, with US prices settling back above $70 a barrel for the first time in almost a week. Prices rebounded from yesterday's decline with the outside risk that oil ministers at a meeting on Sun could surprise the markets with another production cut, given the recent weakness seen in prices. Jul West Texas Intermediate crude rose $2.01 (3%) to settle at $70.10 a barrel. Prices settled at their highest since last Fri, just a day after marking their lowest front-month finish since Mar 20.
US oil prices settle back above $70 ahead of this weekend’s OPEC+ output decision
Dow started with selling which took it into the red. But then the buyers took it up 400 from the early lows & kept that elevated level for the rest of the session. Obviously there are a number of stories about the debt ceiling, but nobody really knows what's going on in DC. In addition, the senate has an unlimited supply of red tape to play with which can abort any deal. Dow continues its sideways trend for over 1 year (see below).Dow Jones Industrials
