Stocks Higher Ahead of Fed Tuesday, August 9, 1:57 PM ET
The U.S. stock market opened higher Tuesday, following yesterday’s sharp downturn on Standard & Poor’s downgrade of U.S. government debt and broader economic worries.
The latest bit of economic data came from the Labor Department today, with second quarter productivity falling by a 0.3% annual rate on a seasonally adjusted basis.
First quarter productivity was revised lower, to a 0.6% decline, compared to an initial reading of a 1.8% increase.
Still, the decline in productivity was better than economists anticipated. The markets are now waiting for word out of a meeting of the Federal Reserve.
Gold is trading around $1,740 an ounce Tuesday, following big gains yesterday.
The iShares Gold Trust (NYSE:
IAU) is trading up 1%, while the SPDR Gold Shares (NYSE: GLD) trades up over .9%.
And, a JPMorgan (NYSE:
JPM) analyst suggested in a report today that retail gasoline prices may fall further due to decreasing commodity prices.
After a decline yesterday, crude oil is trading at $81.83 a barrel Tuesday.
The DB Oil Fund (NYSE:
DBO) is trading up over 1.1%.
The Energy Select Sector SPDR Fund (NYSE:
XLE) is trading up over 2.5%, on the backs of top stocks Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX) and Schlumberger (NYSE: SLB).
The iShares Down Jones U.S. Energy Sector Index Fund (NYSE:
IYE), with similar top holdings, is trading up over 2.2% Tuesday.
For MarketNewsVideo.com, I’m Sayoko Murase.
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Stocks Higher Ahead of Fed
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