Market Review – US Stock Indices, Crude Oil

Despite the looming  military intervention in Syria by the US and the UK, US stock indices still recorded slight gains due to positive impetus by leading economies like China and the US. The Dow Jones Index advanced by 0.3 percent to 14,824 points and the S&P 500 climbed 0.3 percent up to 1,634, while the Nasdaq-Composite added 0.4 percent and closed at 3593 points . There are concerns regarding possible energy shortages due to oil supply bottlenecks by the leading oil producing nations of the Middle East, which might lead to a drop in consumer spending. As a result, the prices for Crude Oil rallied to a new high of $112.19, its highest level over the last 2 years.

The USD benefited from optimistic forecasts that are expecting an accelerated business growth above expectations. The US gross domestic product is expected to have risen by around 2.2 percent over the last three months, expectations were predicting only a 1.7 percent rise. The labour data which is due to be released today is expected to show a decrease in the number of applications for unemployment benefits.