Stimulus Efforts Boost Market (Bloomberg)
Stocks rose today, with investor optimism over stimulus efforts overcame fears caused by an increase in U.S. jobless claims. “The big issue for investors will be what the U.S. employment report shows tomorrow,” said Janelle Nelson, a Minneapolis- based portfolio analyst with RBC Wealth Management’s portfolio advisory group.
Oil Left out of Market Rally (CNBC)
A combination of risk, increasing Western Hemisphere supplies and worries about worldwide demand are keeping oil prices from experiencing growth similar to that of the rest of the U.S. market. “There’s a concern that increased Western Hemisphere oil production in Canada, Mexico and the U.S. are creating prospects for enormous supplies of crude oil,” said Richard Hastings, global macro strategist at Global Hunter Securities. He suggested that investors are reacting too quickly to these changes, affecting oil prices negatively.
Dollar, Euro Beat Easing Yen (Reuters)
With the Bank of Japan committing to an ambitious quantitative easing program, both the dollar and the euro made their biggest daily percentage gains versus the yen in almost five years. “This is not your grandfather’s BOJ,” said Boris Schlossberg, managing director of FX Strategy at BK Asset Management in New York. “The fact that they came out, doubled the size of the QE and are willing to do all these non-conventional measures suggested that they really want to take dollar/yen to 100.”