- 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
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.
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