“But there is still some momentum chasing among investors that has driven markets to records recently”, Sturkenboom said.
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OIL: Crude oil prices were moving higher after the International Energy Agency said it expects that supply and demand for oil will be more in balance the rest of this year.
The Dow Jones industrial average was almost unchanged at 18,540.
Weekly figures released Wednesday by the US Energy Department showed that crude stocks remained high last week at 523.6 million barrels, up 0.2 percent from the prior week and still more than 15 percent above the same point previous year. China’s Shanghai Composite slipped 0.5 percent to 3,002.64 and South Korea’s KOSPI edged up 0.2 percent to 2,048.80.
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The price of crude oil fell 2.5 percent to $41.71 a barrel in NY. Germany’s DAX fell 0.3 percent to 10,666.51.
The Dow Jones industrial average rose 136 points, or 0.7 percent, to 18,631 as of 1:05 p.m.
NEW ZEALAND’S CUT: New Zealand’s central bank on Thursday cut its benchmark interest rate by a quarter point to a record low 2 percent, though some analysts had expected a larger cut. The stock gained 8.07 dollars (£6.20) to 103.14 dollars (£79.35).
The Ministry of Trade and Industry of Singapore reported that GDP in Singapore rose 2.1 percent year-over-year in the second quarter following a 1.8 percent increase in the first quarter. Meanwhile, Ralph Lauren shares popped more than 10 percent after its earnings came in sharply above expectations.
MANILA, Philippines (AP) – Asian stocks were mostly down Thursday after a sell-off in energy companies due to lower oil prices pulled down US stocks overnight, and with regional volumes affected by the closure of Japan’s stock exchange for a holiday.
A rally since late June has taken the S&P 500 up over 6 percent in 2016, as continued low interest rates encourage investors to buy USA equities, although many investors are concerned about high valuations.
Kohl’s KSS.N kicked off the two-day earnings run of department store chains. Weekly applications have been below 300,000 for 75 straight weeks, the longest such stretch since 1970. J.C. Penney rose 85 cents, or 9.3 percent, to $10.
Earnings reports drove much of the trading.
Macy’s Inc.(M) shares jumped to close 17% higher after it reported better-than-expected earnings (http:// www.marketwatch.com/story/macys-shares-spike-after-earnings-beat-estimates-100-store-closures-announced-2016-08-11) and announced the planned closure of 100 retail sites. The stock rose $5.40, or 15.7 percent, to $39.34. The currency has strengthened for the past five sessions, reaching a more than one-year high on Wednesday.
Gold futures for December delivery rose $4.10 $1,350.80 per ounce.
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Bond prices rose. The yield on the 10-year Treasury note fell to 1.51 percent from 1.55 late Tuesday.
