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Category: Business, Economics and Finance / Company News / Markets / Currency / Futures / Stockmarket

Wall Street reaches another record high

Tuesday, 16 Aug 2016 06:54:44 | Sue Lannin

The US market was also supported by expectations the Fed Reserve will continue to keep interest rates low. (Getty/AFP: Spencer Platt)

Wall Street has climbed to another record high supported by an increase in oil prices and a weaker US dollar.

Markets at 8:21am (AEST):

  • ASX SPI 200 futures +0.1% to 5,503
  • AUD: 76.8 US cents, 59.6 British pence, 77.7 euro cents, $NZ1.063
  • US: Dow Jones +0.3% to 18,636, S&P 500 +0.3% to 2,190, Nasdaq +0.6% to 5,262
  • Europe: FTSE 100 +0.4% to 6,941, DAX +0.2% to 10,739, CAC 40 -0.1% to 4,498
  • Commodities: West Texas crude gained to $US45.75 a barrel, iron ore drops to $US60 a tonne, gold rose to $US1,339 an ounce

The US market was supported by expectations the US Federal Reserve would continue to keep interest rates low.

Oil prices hit five-week highs on speculation some oil producing nations would take action to support prices in the midst of a global glut.

"What we are seeing in the oil market is an effective jawboning by the Saudi's, talking up the prospects of an OPEC deal to move the oil price up," wrote Angus Nicholson, market analyst at IG, in a note to clients.

"And with any luck, the price will have rebounded to such a level that by the time it turns out that no deal will occur the pullback won't be that bad."

Meanwhile European stocks reached their highest level in seven weeks, and healthcare stocks were propped up after Belgian pharmaceuticals company UCB won a favourable US court ruling.

Local shares are expected to open modestly higher, with investors eyeing a raft of earnings due out today including Domino's Pizza, and from top iron ore producer BHP Billiton, due out after the closing bell.

BHP is expected to post a $US7 billion loss.

In currency trade, the Australian dollar touched a three-month high of 77.6 US cents earlier in August, but has since slipped lower to buy around 76.8 US cents as the US dollar fell on reduced expectations of another rate rise in the US this year.

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