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October 16, 2017 - US Daily Stock Market Update
U.S. Stocks Climb to Record as Treasuries Decline By Bloomberg
Crude oil climbs as Iraq tensions escalate; copper at 3-year high.
Janet Yellen predicts consumer inflation will soon accelerate.
The S&P 500 Index rose to a record as gains in oil and copper drove a gauge of commodities to a six-month high. Treasuries fell after Federal Reserve Chair Janet Yellen suggested gradual rate increases are warranted despite soft inflation.
The pound broke a five-day winning streak on speculation that Brexit talks could be headed for a breakdown. Spainís IBEX 35 Index declined and the euro weakened amid the stand-off over independence for Catalonia. The dollar extended gains after people familiar with the matter said Stanford University economist John Taylor, a candidate to be the next Fed chairman, made a favorable impression on President Donald Trump after an interview.
WTI crude rose to a two-week high on concern tensions between Iraqi forces and Kurds will disrupt supplies, while copper surged to the highest since July 2014.
Yellen said on Sunday her ďbest guessĒ is consumer prices will soon accelerate after a period of surprising softness, a forecast echoed by European Central Bank President Mario Draghi and Bank of England Governor Mark Carney. A host of Fed speakers and the publication of the Beige Book this week may provide further clues about the U.S. policy path.
In Spain, investors are awaiting the next move in a crisis that has weighed on Spanish assets and may also roil the euro. Catalan President Carles Puigdemont defended his regionís claim to independence as the Spanish government signaled it will move ahead with the process of suspending self-rule this week. Puigdemont has until Thursday morning to back down, Deputy Prime Minister Soraya Saenz de Santamaria said.
Elsewhere, Mexicoís peso fell to a five-month low after President Donald Trumpís administration made aggressive demands during a fourth round of negotiations on the future of the North American Free Trade Agreement. Developing-nation stocks extended gains.
Here are some key events coming up this week:
Among Fed speakers lined up this week are Philadelphia Fed President Pat Harker on Tuesday, and New York Fed President Bill Dudley and Dallas Fed President Robert Kaplan On Wednesday. The Fedís Beige Book will also be published on Wednesday.
U.S. economic data will include a couple of September housing reports. Beginning construction on new homes and sales of previously owned properties will probably show the negative effects of Hurricanes Harvey and Irma on demand and building.
China releases data for GDP, industrial production and retail sales on Thursday.
Earnings season gets into full swing with major U.S. financial firms including Morgan Stanley, Goldman Sachs Group Inc. and Blackstone Group LP. posting results. Netflix Inc. and General Electric Co. are also reporting.
Bank of England Governor Mark Carney appears before the U.K. Parliamentís Treasury Committee for the first time since Juneís election on Tuesday.
The S&P 500 Index rose 0.2 percent at the close in New York.
The Stoxx Europe 600 Index closed little changed.
Spainís IBEX Index decreased 0.8 percent.
The MSCI Emerging Market Index added 0.5 percent to the highest in six years.
The Bloomberg Dollar Spot Index gained 0.2 percent.
The euro decreased 0.2 percent to $1.1792.
The British pound slipped 0.3 percent to $1.3249, the first retreat in a week.
The Japanese yen weakened 0.3 percent to 112.16 per dollar.
The yield on 10-year Treasuries rose three basis points to 2.3 percent.
Germanyís 10-year yield declined three basis points to 0.37 percent.
Britainís 10-year yield dipped three basis points to 1.33 percent.
Spainís 10-year yield decreased four basis points to 1.55 percent.
WTI crude rose 0.8 percent to $51.86 a barrel.
Gold slipped 0.7 percent to $1,294.40 an ounce.
Copper climbed 3.4 percent to $3.239 a pound, the highest in three years.
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Click Here For The Complete 2017 Schedule
Inside-Out-Trading Free Webinar / October 17
CandleCharts Academy Free Training Event / October 17
Track 'n Trade Live Forex Futures & AutoPilot Trading Free Webinars / October 17
Dr. Van Tharp London Traders Workshops / October 17 to 23 London
TradeStation Options Trading with the Iron Condor Free Webinar / October 17
MetaStock Scanning for Opportunities Free Webinar / October 18
TC2000 Free Stock Investing Trading Class / October 20 San Diego California
MetaStock XV Live Free Trading Seminar / October 21 Detroit Michigan & Toronto Canada
Options University High Performance Stocks Live and Streaming / October 21 to 22 Las Vegas NV
MetaStock XV Live Free Trading Seminar / October 22 Chicago Illinois & Montreal Canada
Options University TradeSmith Video Weekly Newsletter / October 23
TC2000 Free Stock Investing Trading Class / November 10 San Francisco California
Dr. Van Tharp Forex Trading Systems Workshop / November 10 to 12 Cary North Carolina
Housing Alerts Free Real Estate Investing Webinar / On-Going
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