US Stocks Drift as Financial Markets Remain Calm

US stocks are drifting around their records, as a lull carries through financial markets worldwide. The S&P 500 was 0.1 per cent higher in afternoon trading, a day after setting an all-time high. The Dow Jones was up 0.3 per cent and the Nasdaq composite was 0.5 per cent lower. The Australian sharemarket is set to rise, with futures at 4.58am AEDT pointing to a gain of 26 points, or 0.3 per cent, at the open.

The ASXThe bond market was also quiet, with Treasury yields edging higher, while stock markets abroad were mixed after making modest moves. The biggest action may have been in the oil market, where a barrel of benchmark US crude climbed 1.9 per cent to $US79.04. Brent crude, the international standard, rose 1.7 per cent to $US83.34 per barrel. Oil prices have been on a general upswing so far this year, which has helped keep inflation a bit higher than economists expected. That higher inflation has in turn dashed Wall Street’s hopes that the Federal Reserve could start offering relief at its meeting next week by cutting interest rate

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