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.