Oil prices increase pushed Wall Street higher - Wednesday Review, September 15

Oil prices increase pushed Wall Street higher - Wednesday Review, September 15

Investors are still hopeful regarding a global economic recovery

The US

Wall Street closed higher as rising crude prices boosted energy shares. Moreover, data suggested inflation has crested, and the economic recovery remains robust. USA30 rose 0.68%, and USA500 added 0.85%. TECH100 went up 0.82%.

Crude oil traded at $71.19 a barrel after it went up 1%.

Gold fell 0.2% to $1,802.70 per ounce.

Asia and Australia

Stocks were down as investors focused on weaker-than-expected Chinese data. They were also looking for the impact of lower than forecasted US inflation figures on the Fed’s timeline to begin asset tapering.

HongKong45 fell 0.79%.

Japan225 lost 0.82%.

Down under, Australia200 traded 0.55% lower.

Europe

Markets edged lower, as weak Chinese data suggested that the country’s economy hit a speed bump in August because of COVID-19 outbreaks and supply disruption. Also, disappointing sales from H&M raised concerns about the global economic recovery. Germany30, France40, and UK100 each dropped 0.1%.

Brent oil traded 1% higher at $74.31 per barrel.

EUR/USD traded at 1.1817 after it gained 0.1%.

Sources: investing.com, reuters.com

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