CLOSING BELL: July 3: DJIA: 12,943.82 | UP 72.43 | -0.56%
OIL: $87.66, UP 3.91, +4.67%
GOLD: $1,621.80, UP 24.10, +1.51%
GASOLINE (US Avg): $3.329, +.003
Wall Street gains for third day as stimulus hopes rise
Edward Krudy, Reuters – U.S. stocks extended a rally for a third day on Tuesday as sharp gains in oil prices lifted energy shares and traders factored in increased expectations for central bank stimulus.
A raft of weak economic data has raised hopes that the European Central Bank will cut interest rates to a record low on Thursday in a move that could drive stock markets higher and further lift commodities like oil and copper.
Tuesday’s gains came on a shortened trading day before the July 4 Independence Day holiday when U.S. markets are closed. Trading volume was the lowest of the year at 3.78 billion shares on the NYSE, Nasdaq and AMEX.
Brent crude oil topped $101 a barrel for the first time in three weeks as tension over Iran increased concerns about threats to supply and as investors bet on further policy action.
U.S. crude was up $3.50 at $87.25 a barrel. The S&P’s energy stocks sector was the top gainer, up 2.2 percent.
Eric Kuby, chief investment officer at North Star Investment Management in Chicago, said that last week’s European summit, which sparked the rally with measures to ease the bloc’s crisis, has raised expectations that policymakers globally are waking up to the need to support financial markets and the economy.
Read more at Reuters [Here]
The Common Good publishes this financial markets wrap-up every weekday after markets close.