Murphy Oil jumped $1.07, or 4 percent, to $27.58, Transocean rose 38 cents, or 4 percent, to $9.52. The group is made up largely of real estate investment trusts, which enjoy certain tax benefits by paying out much of their income as dividends.
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The dollar was up 0.4 percent at 101.09 yen JPY=, pulling away from a almost four-week low of 100.10 touched overnight, though still poised to shed 1.1 percent for the week.
U.S. gold futures slipped 0.5 per cent to $1,338.20 an ounce.
Stocks are moving higher on Wall Street in midday trading.
The Standard & Poor’s 500 index rose 15 points, or 0.7 percent, to 2,178. “People will try to push up the prices between now and the next U.S. Federal Reserve meeting”.
“There’s plenty of data that doesn’t support the market here, but what else are you going to invest in?” he said.
The dollar gained in Asian trading on Friday but was on track to end a tumultuous week with losses after the Federal Reserve trimmed its long-term interest rate expectations and the Bank of Japan rebooted its monetary policy framework. The next time the Fed could raise rates is next month, but the general impression among investors is the central bank will not raise rates until December, long after the general election.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.63 percent.
The yen also hit a four-week high of 100.10 against the greenback and the overnight drop in US government bond yields saw German Bund yields move decisively back into negative territory.
Energy and mining companies rallied as USA crude oil rose 2.5% to $46.45 a barrel, while copper futures and gold rose. Brent crude, used to price worldwide oils, fell 44 cents to $47.77 a barrel. Some of the country’s biggest energy producers were among the most influential gainers, with Canadian Natural Resources (CNQ.TO) rising 2.9 per cent to $40.45 and Suncor Energy Inc (SU.TO) up 1.5 per cent to $34.90.
The U.S. central bank also projected a less aggressive rise in interest rates next year and in 2018, and it cut its longer-run interest rate forecast to 2.9 percent from 3.0 percent.
Its just a matter of identifying which gold and silver stocks, even with the current significant dip, still offer great value
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Minneapolis Fed President Neel Kashkari, responding to questions from the public on Twitter, said he believed the labor market continues to have slack and that he wanted to see the unemployment rate, now at 4.9 percent, to come down.
