Thursday, 11 May 2017

Stocks rise, oil jumps

Markets mostly rose on Wednesday.

The S&P 500 rose 0.1 percent, the STOXX Europe 600 rose 0.2 percent and the Nikkei 225 rose 0.3 percent.

Markets largely shrugged off President Donald Trump's firing of the FBI director.

Michael Hewson, chief market analyst at CMC Markets, said that “investors don’t appear to be too concerned about the risks of sharp selloffs”.

Stocks were supported by a rally in oil. West Texas Intermediate crude rose 3.2 percent on Wednesday after US government data revealed the biggest weekly decline in domestic crude supplies so far this year. Brent rose 3.1 percent.

However, Tyler Richey, co-editor of the Sevens Report, said that “fundamentals are not yet pointing to a decided break higher in oil prices any time soon”.

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