08-23-2012, 12:10 AM
Currencies
The euro rose to a seven-week high against the U.S. dollar on Tuesday on talk t he European Central Bank may act soon to lower the borrowing costs of Spain and Italy, allaying concerns about the debt crisis that has long plagued the region.
The euro rose to $1.2488, its highest since July 5, exceeding the Aug. 6 peak of $1.2443 last traded at $1.2462, up 1 percent on the day.
The euro rose as high as 99.18 yen, its strongest since early July. It last traded at 98.7 2, up 0.7 percent on the day.
The dollar was last down 0. 2 percent against the yen at 79.2 4 yen; down from the high of 79.66 yen hit on Monday, the highest since July 12.
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Energy
Oil prices rose on Tuesday as hopes that the European Central Bank will act to contain the region's debt crisis boosted crude futures and sent the euro to a seven-week peak versus the dollar.
On Tuesday, Brent October crude rose 94 cents to settle at $114.64 a barrel, after reaching $115.58.
Expiring U.S. September crude on Tuesday rose 71 cents to settle at $96.68 a barrel. The settlement and intraday peak at $97.60 were the highest since May 10.
U.S. October crude rose 58 cents to settle at $96.84 a barrel.
Weekly reports on U.S. oil inventories are expected to show crude stocks edged down slightly last week, by 400,000 barrels.
Precious metals
Gold rose to its highest since May on Tuesday on speculation the European Central Bank will act to help Spain and Italy, while platinum also hit a 3-1/2 month high as violence at a South African mine raised concerns about supplies.
Spot gold hit a high of $1,641.20 an ounce, the highest since May 7. It was up 1.2 percent at $1,638.83 an ounce.
U.S. gold futures for December delivery settled up $19.90 at $1,642.90.
Silver climbed 2.2 percent to $29.41 an ounce. Earlier in the session, it reached its highest since early June at $29.51 an ounce.
Platinum touched its highest since early May at $1,508.25 an ounce and was last at $1,501.90 an ounce, up 1.1 percent. Its recent rise has made it this year's best performing precious metal, up more than 7 percent.
Spot palladium rose 2.8 percent at $620.40 an ounce. It also rode gold and platinum's coat-tails to its highest since late June on Tuesday at $626.
Stock indices
U.S. stocks fell on Tuesday after the S&P 500 hit its highest level in four years as the benchmark index faced technical resistance and traders cashed in recent gains.
The S&P 500 index hit 1,426.68, its highest intraday rise since May 2008. Volume has been light, as expected in August, and only three of the past 12 sessions have seen moves of 0.25 percent or more by the S&P.
The Dow Jones industrial average fell 68.06 points, or 0.51 percent, to 13,203.58.
The S&P 500 Index dropped 4.96 points, or 0.35 percent, to 1,413.17.
The Nasdaq Composite lost 8.95 points, or 0.29 percent, to 3,067.26.
The euro rose to a seven-week high against the U.S. dollar on Tuesday on talk t he European Central Bank may act soon to lower the borrowing costs of Spain and Italy, allaying concerns about the debt crisis that has long plagued the region.
The euro rose to $1.2488, its highest since July 5, exceeding the Aug. 6 peak of $1.2443 last traded at $1.2462, up 1 percent on the day.
The euro rose as high as 99.18 yen, its strongest since early July. It last traded at 98.7 2, up 0.7 percent on the day.
The dollar was last down 0. 2 percent against the yen at 79.2 4 yen; down from the high of 79.66 yen hit on Monday, the highest since July 12.
EnergyOil prices rose on Tuesday as hopes that the European Central Bank will act to contain the region's debt crisis boosted crude futures and sent the euro to a seven-week peak versus the dollar.
On Tuesday, Brent October crude rose 94 cents to settle at $114.64 a barrel, after reaching $115.58.
Expiring U.S. September crude on Tuesday rose 71 cents to settle at $96.68 a barrel. The settlement and intraday peak at $97.60 were the highest since May 10.
U.S. October crude rose 58 cents to settle at $96.84 a barrel.
Weekly reports on U.S. oil inventories are expected to show crude stocks edged down slightly last week, by 400,000 barrels.
Precious metalsGold rose to its highest since May on Tuesday on speculation the European Central Bank will act to help Spain and Italy, while platinum also hit a 3-1/2 month high as violence at a South African mine raised concerns about supplies.
Spot gold hit a high of $1,641.20 an ounce, the highest since May 7. It was up 1.2 percent at $1,638.83 an ounce.
U.S. gold futures for December delivery settled up $19.90 at $1,642.90.
Silver climbed 2.2 percent to $29.41 an ounce. Earlier in the session, it reached its highest since early June at $29.51 an ounce.
Platinum touched its highest since early May at $1,508.25 an ounce and was last at $1,501.90 an ounce, up 1.1 percent. Its recent rise has made it this year's best performing precious metal, up more than 7 percent.
Spot palladium rose 2.8 percent at $620.40 an ounce. It also rode gold and platinum's coat-tails to its highest since late June on Tuesday at $626.
Stock indicesU.S. stocks fell on Tuesday after the S&P 500 hit its highest level in four years as the benchmark index faced technical resistance and traders cashed in recent gains.
The S&P 500 index hit 1,426.68, its highest intraday rise since May 2008. Volume has been light, as expected in August, and only three of the past 12 sessions have seen moves of 0.25 percent or more by the S&P.
The Dow Jones industrial average fell 68.06 points, or 0.51 percent, to 13,203.58.
The S&P 500 Index dropped 4.96 points, or 0.35 percent, to 1,413.17.
The Nasdaq Composite lost 8.95 points, or 0.29 percent, to 3,067.26.