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SP500 reach new highs

Valentin Lazarov
Market News

The S&P 500 reached an all-time high on Monday, but the session’s gains were kept in check as investors braced for a busy week including a flurry of corporate earnings reports, economic data and an announcement from the Federal Reserve.

The broad index gained 0.1% to 2,943.03, breaking the previous record high set in September. Financials led the gains in the S&P 500, climbing 0.9%. Bank of New York Mellon and Citigroup were among the best performers in the sector, rising about 2% each.

The tech-heavy Nasdaq Composite also hit an all-time high, rising 0.2% to 8,161.85. The Dow Jones Industrial Average closed 11.06 points higher at 26,554.39 as Goldman Sachs outperformed.

Oil prices steadied on Monday, as the market attempted to resume a weeks-long rally that was halted on Friday when U.S. President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.

U.S. West Texas Intermediate crude futures ended Monday’s session 20 cents higher at $63.50. Brent crude futures fell 11 cents to $72.04 a barrel.

Both benchmarks fell around 3% in the previous session, after Trump told reporters that he had called OPEC and told the cartel to lower oil prices, without identifying who he spoke to, or if he was speaking about previous discussions with OPEC officials.

Palladium on Monday slumped about 7 percent, its biggest daily percentage drop in over two-years, while gold also fell as strong U.S. data improved investors’ appetite for riskier assets ahead of the U.S. Federal Reserve policy meeting.

Spot palladium slid about 6.7 percent to $1,366.01 per ounce.

It fell as much as 7 percent to a low of $1,361.5 earlier in the session, its biggest one day decline since January 2017.




International Financial Markets Department

Euro-Finance Ltd.



*This material should not be considered as a recommendation for buying/selling securities.