NEW YORK - Gold prices rose and a gauge of global equity markets hit a record high on Thursday in light holiday trade as a year-end rally in stocks remained on course, with optimism over U.S.-China trade helping drive Wall Street to records.
Oil rose to three-month highs, buoyed by a report showing lower U.S. crude inventories, hopes the pending Sino-U.S. trade deal will soon be signed and efforts by the Organization of the Petroleum Exporting Countries to curb crude supply. Overnight in Asia, equity markets rose, with China shares closing higher after Beijing laid out further plans to bolster its economy, including some $385 billion in planned infrastructure investments.
Investors in major equity markets around the world have chalked up strong gains this year, marking a contrast to a plunge late last year, said Yousef Abbasi, global market strategist at INTL FCStone Financial Inc in New York.Fourth-quarter earnings will soon come into focus in January, which should highlight whether sentiment among corporate management has improved, Abbasi said.
Didn’t they just add (magically created) Billions into the market in desperate secret attempt to avoid meltdown?
Doesn’t gold go up when no one trusts the economy is or will be strong in the future?
euphoria?
The market doesn't really align itself with US GDP which is at best sluggish.
And 2.2 million Walmart employees get a 15% off merch gift certificate as Xmas 'bonus'.
Taking money out of the stock market for year end gains in 3-2-1...
All of this endless debt is going to put some serious strain on the integrity of the currencies. Market gains seem rather meaningless under these circumstances. (and particularly when annual GDP growth barely scrapes past 2%)
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