Risk On as US is Closer to Reach a Deal on Debt
SylviaHunt30Market sentiment improved with investors seeking riskier assets as the US is closer to reach a deal to raise the debt ceiling. Wall Street rallied with both the DJIA and the S&P 500 Index gaining +1.63%. Commodities rose with the exception of precious metals. WTI crude oil for August delivery jumped to as high as 98.65 before settling at 97.5, up +1.64% and the highest close since July 13. Brent crude oil for September delivery initially soared to 118.45 before ending the day at 117.06, up +0.87%, while the equivalent WTI contract jumped +1.67% to 97.86 at close. Gold plunged to a 2-day low of 1582.7 after climbing to a new record high of 1610.7 earlier in the day. The contract eventually closed flat at 1601.1.
