US stocks rose on Friday (October 17th) as investors reacted positively to President Trump's remarks alleviating concerns about further trade escalation with China, while regional bank stocks rebounded after Thursday's sharp declines. The S&P 500 and Nasdaq each rose 0.5%, while the Dow Jones Industrial Average rose 239 points. Trump said his proposed 100% tariffs on Chinese goods would be unsustainable, although he blamed Beijing for recent trade tensions, and confirmed that his meeting with Chinese President Xi Jinping was still possible at the end of the month. Consumer staples,...
Oil prices weakened on Thursday (September 19), closing lower as traders remained concerned about the US economic outlook a day after the US Federal Reserve cut interest rates for the first time this year. Brent crude futures fell 51 cents, or 0.8%, to $67.44. US West Texas Intermediate (WTI) crude fell 48 cents, or 0.8%, to $63.57. The Fed cut its benchmark interest rate by a quarter of a percentage point on Wednesday and indicated it would continue lowering borrowing costs for the rest of the year, responding to signs of weakness in the labor market. Lower borrowing costs typically boost...
Gold prices fell on Thursday (September 19) amid profit-taking, after the yellow metal hit a record high in the previous session, as markets assessed the Federal Reserve's stance on further interest rate cuts. Spot gold fell 0.4% to $3,643.40 an ounce at 1:51 PM EDT (5:51 PM GMT). U.S. gold futures for December delivery closed 1.1% lower at $3,678.30. The previous session saw volatile trading, with spot prices briefly touching a record high of $3,707.40 before retreating. The U.S. dollar index strengthened 0.5%, making dollar-priced commodities more expensive for holders of other...
Oil prices were little changed on Thursday as traders weighed the start of looser monetary policy after the US Federal Reserve cut interest rates amid concerns about the US economy. Brent crude futures rose 23 cents, or 0.3%, to $68.18 a barrel at 10:50 a.m. EDT (14:50 GMT), while US West Texas Intermediate (WTI) crude rose 23 cents, or 0.4%, to $64.28. The Fed cut its benchmark interest rate by a quarter of a percentage point on Wednesday and indicated it would continue lowering borrowing costs for the rest of the year, responding to signs of weakness in the labor market. Lower borrowing...
Gold prices fell on Thursday (September 18th) due to profit-taking, after hitting a record high in the previous session, as the market assessed the Federal Reserve's stance on further interest rate cuts. Spot gold fell 0.6% to $3,639.05 an ounce at 11:15 a.m. EDT (15:15 GMT). U.S. gold futures for December delivery fell 1.2% to $3,672.20. The previous session was marked by volatile trading, with spot prices briefly reaching a record high of $3,707.40 before retreating. The U.S. dollar index strengthened 0.6%, making dollar-priced commodities more expensive for holders of other...
Gold (XAU/USD) stabilizes on Thursday after a sharp reversal following the Federal Reserve's (Fed) interest rate decision. The metal briefly spiked to a fresh all-time high near $3,707 in the immediate aftermath of the widely expected 25-basis-point (bps) rate cut on Wednesday, but gains quickly faded as the outcome had already been largely priced in. Profit-taking and a rebound in the US Dollar (USD) sent Gold lower, with the metal closing the day down 0.88%. At the time of writing, XAU/USD is edging higher, trimming some of the previous day's losses. The metal is trading around $3,770...