
Futures climbed 1 percent after the Institute for Supply Management’s non-factory index, which covers about 90 percent of the economy, advanced to 57.1. Oil dropped to a two-week low earlier today as the Dollar Index strengthened, curbing the appeal of commodities as an investment.
“There are continuing signs that the economy is improving,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis. “The economic headlines suggest that consumption will grow.”
Crude oil for February delivery increased 92 cents to settle at $90.30 a barrel on the New York Mercantile Exchange. Futures touched $88.10, the lowest price since Dec. 20. Oil is up 10 percent from a year ago.
Brent crude oil for February settlement rose $1.97, or 2.1 percent, to $95.50 a barrel on the London-based ICE Futures Europe exchange.
A report today from ADP Employer Services showed companies boosted payrolls in December by the most since records began in 2001. Employment increased by 297,000, almost three times the 100,000 median estimate of economists surveyed. more ...
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