Dow rises 200 points to a record despite disappointing economic data

U.S. stocks rose to record levels on Thursday as investors shrugged off economic data pointing slower-than-expected growth. The Dow Jones Industrial Average gained 200 points to hit an intraday record. Meanwhile, the S&P 500 rose 0.5%, also reaching a fresh high. The tech-heavy Nasdaq Composite underperformed with a 0.3% gain amid a drop in Facebook and PayPal shares.
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Global stocks advance ahead of US economic data

SINGAPORE — (AP) — Global stock markets were higher Thursday on expectations of positive economic data from the U.S. Analysts expect the advance data to show the world's largest economy growing at an 8.5% annual pace in the second quarter. That follows the Federal Reserve's decision to keep its accommodative...
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Gold prices climb nearly 2% to settle at highest in over 6 weeks

Gold futures rallied Thursday, tacking on nearly 2% to settle at the highest in over six weeks. Gold prices surged "after a wrath of U.S. economic data painted a picture of a prolonged economic recovery that will likely be accompanied with a [Federal Reserve] that will not be abandoning its ultra-accommodative policies anytime soon," said Edward Moya, senior market analyst at Oanda. December gold rose $31.20, or 1.7%, to settle at $1,835.80 an ounce. That was the highest most-active contract finish since June 16 and largest one-day percentage gain since May 6, FactSet data show.
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Global stocks boosted by bright earnings, Fed outlook

World equity markets climbed Thursday as the Covid recovery brightened on upbeat corporate earnings and the Federal Reserve’s latest economic outlook, dealers said. London stocks jumped 0.9 percent on a barrage of positive company results, including from Covid vaccine maker AstraZeneca, energy major Shell, bank giant Lloyds and defence firm BAE Systems.

Dollar eases after the FOMC stays dovish

It looks like a few FOMC taper-hedging positions were taken off last night as the US dollar broadly eased in the overnight session versus DM and EM. The soothing words from China about targeted versus broader clampdowns also helped relieve the pressure on Asian currencies, including the onshore and offshore yuans.

Gold rises, oil drifting after FOMC

Oil prices traded sideways overnight, despite a suitably dovish FOMC, and significant falls in US official crude and gasoline inventories, along with a weaker US dollar. All of those factors should have supported oil prices, and although oil did not retreat, it did not rally materially either. Brent crude was unchanged at USD 74.75 a barrel, and WTI finished just 0.70% higher at USD 72.40 a barrel.