Stocks rallied Wednesday, with financial services companies among the big gainers, as investors shrugged off higher oil prices and instead focused on a surprisingly strong reading on durable goods orders.
The dollar traded mixed against foreign currencies Wednesday as investors weighed rising oil prices with the possibility that inflation is coming under control.
Currencies: Rising crude oil puts dollar on the defensive
Investors cash in on recent gains in the dollar, with the currency pressured by rising crude-oil prices and continued uncertainty over the U.S. financial system.
Bill Clinton, Joe Biden to rally Democrats Wednesday
Bill Clinton and Sen. Joe Biden are set to grab the spotlight at the Democratic National Convention Wednesday evening, with eyes focused on the former president to see if he matches the rousing endorsement given by Sen. Hillary Clinton to Sen. Barack Obama and his running-mate Biden.
Canadian Markets: Financials, gold lead market higher
A rebound in battered financial shares, along with rising gold and energy prices, which rose on concerns about energy infrastructures in the Gulf of Mexico, leads the broader market higher.
Wall Street ended trading sharply higher Wednesday after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods.
The brief respite for consumers at the gasoline pump may come to an abrupt end if Tropical Storm Gustav slams into the petroleum-rich Gulf Coast and its numerous refineries, just as Americans begin packing up cars for the Labor Day weekend.
Oil prices climbed for a third day Wednesday, hovering above $117 a barrel as Tropical Storm Gustav spun toward the Gulf of Mexico on a possible collision course with offshore energy installations.
An overall positive day in the stock market resulted from a surprise increase in Durable Goods Orders and unexpected good news from the mortgage front.
TradingMarkets 7 Stocks You Need to Know for Thursday
Stocks finished the day in the green on Wednesday, though off their intraday highs. Thursday's 7 stocks includes Dell Inc. which is expected to report Q2 earnings per share of 36 cents.
TradingMarkets 7 ETFs You Need to Know for Thursday
Today's big ETF movers were most prevalently found in the emerging markets. Among these are the iShares FTSE/Xinhua 25 Index ETF, FXI, and the iShares MSCI Taiwan Index ETF, EWT.