The S&P 500 reached a new record high, closing above 6000 points for the first time. The index settled at 6001.35, up 0.1 percent, after hitting an intraday high of 6017.31 in early New York trading. Tesla shares contributed significantly to the market’s gains, surging 9.1 percent.
In the cryptocurrency market, Bitcoin soared more than 10 percent, trading above $US88,000 as of 8.30am AEDT. Australian shares are expected to rise, following the positive lead from Wall Street. Market updates highlight significant movements in monetary policy, equities, commodities, and currencies, providing insights for investors and stakeholders.
The U.S. dollar climbed to a fresh 4-month high, making gains against every G-10 counterpart.
S&P 500 reaches historic milestone
The Australian dollar continued its decline, retesting support around 0.6560.
Crude markets fell again due to the strong U.S. dollar, potential trade tensions, weak Chinese inflation data, and expected soft demand. West Texas Intermediate futures dropped 3.1 percent to US$68.22. Metals also continued their decline, with copper falling 1.3 percent to US$9,201 and aluminum down 1.9 percent to $2,572.
Iron ore markets softened, with trade dropping to $100, disappointed by the recent Chinese fiscal package announcement. European markets closed higher, logging their best day in six weeks, with defense stocks leading on prospects of higher military spending in Europe under a Donald Trump US presidency. The Australian market is expected to open slightly higher this morning based on ASX SPI 200 Futures trading, which is up 5 points (0.06 percent) to 8,291.
The Consumer Bankers Association (CBA) says that the Household Spending Insights (HSI) report is released today alongside business and consumer confidence surveys.
