Crude oil prices fell two per cent yesteray as supply overhang concerns grew after a Saudi-Venezuela meeting on Sunday showed few signs of coordination to boost prices.
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Dow hits record high
Stocks have shaken off last week’s Portuguese bank scare. The Dow is back above 17,000 and is once again at a record high. The Dow was up more than 115 points in afternoon trading after hitting a new peak of 17,085 at earlier in the session. The S&P 500 and Nasdaq are both up around 0.5 per cent for the day. The rally comes as Goldman Sachs released an upgraded target for the S&P 500. Analysts there now think the blue chip index will hit 2050 by year’s-end instead of 1900.
The S&P 500 has been hovering around 1980 all day.
Here are some other things to watch in the last bit of trading: Bank bump: Citigroup reported earnings that beat expectations despite a US$7 billion settlement with the federal government over mortgages it sold during the financial crisis. The stock is up about three per cent. Tech movers: Several well-known tech stocks were up big yesterday. In social media news, Facebook and Twitter both said that the World Cup smashed activity records: Facebook said the Germany vs Argentina championship game’s 281 million interactions made it the most talked-about sports event in the site’s history. Twitter said 618,725 tweets were getting sent every minute at the end of the match, a record for an event. Facebook shares were up 2.6 per cent and Twitter stock is trading 1.2 per cent higher. (CNN)
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