U.S. stocks turned lower by midday, as the market digested the U.S. economic data that was released this morning. Despite a tame inflation reading from a weaker-than-expected Producer Price Index and a bump up in U.S. jobless claims, Treasuries remained weaker, while the U.S. dollar strengthened against currencies outside the U.S.
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OPEC: No Need to Meet
Yesterday OPEC said it saw no need for a meeting
Yesterday OPEC said it saw no need for a meeting, since OPEC members agreed to raise output in August.
Today OPEC nations agreed on a conference call to boost output by 500,000 barrels per day. In July, OPEC agreed to raise production by two million barrels per day to 25.5 million barrels per day in an effort to cool oil prices from their 20-year high levels. Today, U. S. light crude was still close to record levels, hovering around $40.80 per barrel.
U.S. stocks turned lower by midday, as the market digested the U.S. economic data that was released this morning. Despite a tame inflation reading from a weaker-than-expected Producer Price Index and a bump up in U.S. jobless claims, Treasuries remained weaker, while the U.S. dollar strengthened against currencies outside the U.S.
U.S. stocks turned lower by midday, as the market digested the U.S. economic data that was released this morning. Despite a tame inflation reading from a weaker-than-expected Producer Price Index and a bump up in U.S. jobless claims, Treasuries remained weaker, while the U.S. dollar strengthened against currencies outside the U.S.
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