WTI busts a 2-year record, but iron ore’s leading the advance in commodities
You couldn’t have had it any better! It’s the start of the US shopping season barely a month before Christmas.
The S&P 500 rose to a new high after Thanksgiving. Stocks in Europe also reached a two month high. You can literally feel the Christmas spirit in the air!
And retailers are feelin’ it! Great leaps here, even considering this should be seasonally adjusted. Guess it still speaks volumes of the strength of the US consumer.
On the other side of the pond Italian banks lead the gains in Stocks Europe 600. There was a proposal to deal with bad loans.
Iron ore climbed to a two-month high. Industrial metals however headed for the best spot in 6 months. Yup, the Chinese are pretty much alive and kickin’!
Oil made big headway. Russia and OPEC have agreed to extend output cuts. Guess that strategy is paying off.