LONDON: US stocks rose for the week, topped a second monthly increase, as global central banks added spur and dipping oil prices caused expands in user companies that eclipsed a fall in energy shares.
Airlines surged 17 percent in November, while gauges of consumer shares rose more than 5 percent ahead of the holiday season. Both groups benefited as West Texas Intermediate crude plummeted 18 percent to a five-year low in the month, dragged lower by rising U.S. supplies and a refusal by OPEC to reduce output. That sent energy stocks down 8.9 percent.
The Standard & Poor’s 500 Index has rallied 11 percent since sinking to a six-month low on Oct. 15. The benchmark index has been boosted by better-than-forecast economic data, including an upward revision for third-quarter U.S. gross domestic product. It’s also been aided by China’s decision to cut interest rates, as well as fresh stimulus from the Bank of Japan and European Central Bank. The index has advanced 12 percent this year.
“Lower fuel prices have amounted to a major injection of consumption for consumers this quarter and higher spending patterns going into the holidays,” Chad Morganlander, a money manager at St. Louis-based Stifel Nicolaus & Co., which oversees about $160 billion, said in a phone interview. The lower energy prices have “thrown a wet blanket on the U.S. energy complex, but there’s monetary stimulus across the globe that’s ginning up confidence,” he said.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
