Daily Market Review – January 4, 2017

Stocks and Indices

U.S. stocks were higher on Tuesday, but settled off their session highs amid falling oil prices. The Dow Jones industrial average advanced 119.16 points, or 0.6%, while the Nasdaq composite gained 45 points, or 0.37%. The S&P 500 rose 19 points, or 0.85%.

Asian markets were mixed on Wednesday. In Japan, markets soared as the yen fell against the dollar, with the Nikkei 225 up 2.51% and the Topix up 2.36%. In Hong Kong, the Hang Seng index slumped 0.16% in afternoon trade, while South Korea’s Kospi settled flat. In mainland China, the Shanghai composite advanced 23.9 points, or 0.76%, while the Shenzhen composite gained 22.8 points, or 1.15%.

Commodities

Oil prices declined more than 2% on Tuesday, as the U.S. dollar strengthened. Brent crude futures were off $1.35, or 2.4%, at $55.47 per barrel. U.S. West Texas Intermediate crude slipped $1.39, or 2.6%, at $52.33.

Currencies

The U.S. dollar hit a fresh 14-year high on Tuesday, amid better-than-expected U.S. manufacturing data. The dollar index climbed to 103.820, it’s highest level since December 2002. The euro weakened against the greenback, changing hands at $1.0342, it’s lowest level since 2002.

Global News

A high-ranking official of the Chinese city of Panzhihua shot the city’s mayor, and then killed himself, according to Chinese media reports. Chen Zhongshu interrupted a high-level meeting and opened fire at the mayor before fleeing the scene. The mayor and a party secretary sustained injuries. The gunman was later found dead on another floor of the building where the meeting was taking place. The motive of the attack is currently unknown.

 

*Featured image courtesy of PK.Inspiration_06/Shutterstock.