Post By Journey – Brought From OOM & F
Update:Reuters - Oil Heads Lower Again; Stocks Move Higher..The Dollar Rose Against A Basket of Currencies
NEW YORK Tue Dec 2, 2014 11:32am EST BY CAROLINE VALETKEVITCH
(Reuters) - Oil prices resumed their decline on Tuesday after rallying the previous session, while world stock markets edged higher, with biotech shares gaining.
A bounce in oil prices on Monday from five-year lows had helped foster a broadly more positive tone in Asia, but both Brent and U.S. crude oil were down more than 1 percent in early U.S. trading on Tuesday. Brent crude oil has lost more than a third in price since June.
U.S. stocks were higher, with shares of Biogen Idec (BIIB.O) rising 6.8 percent and giving the S&P 500 its biggest boost after favorable data from the Phase III trial of its Alzheimer's drug. The NASDAQ biotech index .NBI was up 1.6 percent.
The S&P energy index .SPNY was up 0.9 percent, though the index has fallen sharply with oil prices and is down 14 percent since June.
"The broader market should be able to weather this storm, but (the energy sector) will still take a hit," said James Liu, global market strategist for JPMorgan Funds in Chicago.
The Dow Jones industrial average .DJI was up 62.05 points, or 0.35 percent, at 17,838.85. The Standard & Poor's 500 Index .SPX was up 9.67 points, or 0.47 percent, at 2,063.11. The Nasdaq Composite Index .IXIC was up 22.94 points, or 0.49 percent, at 4,750.29.
MSCI's global share index .MIWD00000PUS was up 0.2 percent. European shares .FTEU3 were up 0.5 percent. Emerging market shares tracked by MSCI .MSCIEF were down 0.03 percent.
In the energy market, Brent crude was last down 85 cents at $71.69 a barrel, while U.S. crude oil was down 90 cents at $68.10.
Behind the shock of the plunge in oil is a deeper debate about whether developed economies are slipping into a prolonged period of stagnation, or just coming out of the financial crises of the past five years more slowly than previously hoped.
IMF Managing Director Christine Lagarde said late on Monday that cheaper oil was a positive for the global economy. The drop has given a lift to travel companies and should have a positive impact on consumer spending.
The dollar rose against a basket of currencies, helped by comments from two Federal Reserve officials who stressed the positive impact on the U.S. economy from a decline in oil prices.
Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley said at separate events on Monday that soft oil prices would only temporarily dampen overall U.S. prices. The comments suggested the Fed was not letting energy markets distract it from lifting rates.
The dollar index .DXY was up 0.7 percent at 88.591.
U.S. Treasuries prices fell, pressured by institutional investors readying for a big corporate bond deal by leading retailer Amazon (AMZN.O).
The 10-year Treasury note US10YT=RR was last off 17/32 to yield 2.2782 percent.
Iraqi Stock Market Is Not Affected By The Drop In Oil Prices
December 2, 2014
Economic expert attributed the Dr. Salam smeisim Iraqi stock market were not affected as their counterparts in the Gulf, oil prices down to being not related to the oil sector locally.
saw most Gulf bourses decreased on Sunday, after plummeting oil prices following OPEC’s decision on production, while the Iraq index securities to 107.93 points win to 0.07 points, or 0.06 percent.
said smeisim told to “morning” that Gulf stock market linked to global exchanges, showing that companies contribute to multinational companies Gulf bourses And their participation in other exchanges as well as foreign investment,
adding that oil for investment for all companies and local firms in the Gulf than with Iraq and that the share prices of companies is determined accordingly.
Oil investment is still in the hands of the State means that the Iraqi stock exchange isolated from global oil stocks in General — by noting the presence of smeisim,
foreign investors in several sectors in the stock market while the Iraqi stock exchange did not engage in a similar process,
indicating that the mirror our process if there is inflation, investors are putting their money in the form of shares and tangible assets of factories and other enterprises. alsabaah.iq
Iraqi Dinar News http://iraqdinar.us
ISX Opens tomorrow: http://www.isx-iq.net/isxportal/portal/homePage.html