Another high for Wall Street

Q: Another high for Wall Street?

A: Yes, indeed. Despite rising oil prices and the fall in Chinese stocks, the

Dow Jones Industrial Average inched up 8.21 points to close at an all-time

high of 13,676.32 while the broader S&P 500 gained 2.84 points to 1,539.18,

also its all-time high. The Nasdaq composite ended in positive territory as

well, up 4.37 to a new six-year high of 2,618.29. Cautious observers continue

to highlight possible negative catalysts that could send the markets lower

10-year note yield going above 5%, a big surge in oil prices or signs of

higher inflation  but for now, Wall Street seems bent on breaking records.

Oil had jumped above US$66 a barrel on news that a cyclone was headed towards

the oil-producing Arabian peninsular with the potential to disrupt shipping

and output, but top exporter Saudi Arabia said its oil facilities were likely

to be unaffected while fellow OPEC member, the United Arab Emirates, appeared

to be outside the path of the storm.









Words translated by CCJK


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