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  • Daily Market Update
    • The Dow ended the day up 125.18 points or approximately 0.79%.
    • The S&P 500 ended the day up 10.41 points or approximately 0.55%.
    • The NASDAQ ended the day up 38.51 points or approximately 0.86%.
    • Oil ended the day up $0.92 at $33.22 a barrel.
    • Gold ended the day down $0.20 at $1,114.70.
  • Additional News

Saudi Arabia Did Not Propose 5% Production Cuts:

Earlier today Russian Energy Minister Alexander Novak announced that Saudi Arabia had suggested production cuts by each OPEC member of approximately 5%.  Due to these claims oil spiked at the beginning of the trading day however, due to conflicting reports from the Saudis oil gains slowed but still ended the day up $0.92 as hopes of a OPEC reduction deal remained strong.  For more information click here

Chart Credit Bloomberg.com

Chart Credit Bloomberg.com

Iran Dives Back Into the International Marketplace:

Iran’s President recently signed an outline order with Airbus Group for a total of 118 jetliners as well as an accord with PSA Peugeot Citroen regarding the modernization of a car plant in Tehran.  The total price tag, according to Bloomberg calculations, was approximately $33 billion.  Iran’s central bank estimates that the lifting of international sanctions will result in approximately $50 billion a year in foreign investments.

Recommended further readings:

Amazon earnings: $1 per share, vs expected EPS of $1.56 (CNBC)

Xerox to split, Icahn to get 3 board seats at one of them: DJ (CNBC)

Fed to Stress-Test 33 Banks on Severe Global Recession Response (Bloomberg)