Energy

A not-so-bad sales result for General Motors turned around a weak Wall Street last night. The Dow closed up 32.

The first half came to an end last night with oil and the Dow barely changed.

The world is preparing for an European rate hike as the US Treasury secretary makes a mercy dash to Europe.

Oil hit US$142.99 on Friday before settling at US$140.21. The Dow lost 106.

Broker downgrades hit Wall Street last night before OPEC called oil to US$170 on a weak US dollar. Oil hit US$140. The Dow fell 358.

With the chance the US dollar will weaken further after the Fed left rates on hold ANZ sees scope for some profit taking among commodities this week, though any downside is expected to be limited.

The Fed left the cash rate unchanged, as expected, while suggesting a more hawkish bias. An unchanged Dow belied a 0.6% rise in the broad market and a 1.4% gain in the Nasdaq.

It was another choppy night on Wall Street ahead of tonight’s Fed rate decision. The Dow lost 34 points.

The Dow closed unchanged last night, but it wasn’t all about a quiet market. A strong energy sector was offset by ever more weakness in financials. Gold took a dive.

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