Dow advanced on US budget optimism

Source: Dukascopy Bank SA
© Scanpix/AP
US blue chips closed on the positive note on Wednesday on brighter outlook on the US economy. US President Barack Obama said that US lawmakers will agree on budget until January 1. Moreover, the Wall Street Journal reported that the Fed is likely to expand its bond-buying plan to increase Treasury purchases at next-month meeting. Capping the upswing, US new home sales unexpectedly sank last month, signalling that hosing market recovery remains fragile. The Dow Jones Industrial Average Index surged 0.83% to end the session at 12,985.11. All but one sector within the index advanced. Oil and gas and consumer services sectors posted the biggest gains. Walt Disney jumped 1.23% after its board of directors hiked by 25% the firm's annual dividend. Among oil and gas companies, Chevron and Exxon Mobil rose 2.13% and 0.86% despite lower crude oil prices. Chevron rallied after it placed the top bid to explore oil and gas blocks in Texas. Technology shares also moved higher, with Hewlett-Packard and Intel adding 2.99% and 0.75%.
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Thu, 29 Nov 2012 10:06:21 GMT

Oil rises as U.S. stockpiles unexpectedly fall

Oil rose in New York as U.S. stockpiles unexpectedly fell and the fiscal cliff is expected to be avoided in the world's biggest oil consumer. Futures rose 0.5% after declining 0.8% yesterday to a 2-week low, while Crude for January settlement gained 40 cents to $86.89 a barrel in New York and was at $86.89 a barrel at 3:04 p.m.

Thu, 29 Nov 2012 10:54:20 GMT

Zinc retreated on rising stocks at LME and SHFE

Industrial metals apart from nickel tanked on Wednesday as market participant remained worried about Greek debt woes and looming US fiscal battles. Market sentiment was further dampened by increased caution ahead of the key US data due on Thursday. Meanwhile, softer US Dollar restricted the downswing.Aluminum slumped as stocks at global exchange warehouses remained elevated despite a recent decline in

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