Lets head straight to the markets desk where julie hyman has the latest on this energyfueled rally. Julie we see major averages gain traction. They were little changed at the open. 3 on the dow and s p. Up about 22 points. It has to do with the energy market. The Goldman Sachs call is feeling a gain in Energy Stocks. Look at the groups on the move. Energy shares up 1 as our materials. We are seeing that just Oil Prices Higher but some of the other materials as well. On the downside, utilities and telecoms slower. Otherwise, we have a lift in the commodityled groups. Oil prices are working higher on the call from Goldman Sachs. Gold is also on the rise today. It is up by about 1 . Interesting we are seeing a lift in stocks and gold at the same time. Part of this is fueled by the e. T. F. Buying of gold. E. T. F. Dex tracks holdings of gold in the u. S. We have had a big lift this year as gold prices have risen. It is the 14th straight day these funds have seen inflows. It is a streak of
Year. But keep in mind we are still about 20 lower than where we were one year ago. The question, of course, now is where do we go from here . Lets bring in our all star oil panel now. Lima croft of Rbc Capital Markets and john. Two things, number one, you called this nigeria thing back on january 27th. Yes. Congratulations. Thank you. Is the output cut thats happening in nigeria enough to sustain higher prices long term or just short term activity . One thing about nigeria is we had supply outages in the past and they lasted a long time. What i keep telling clients is if nigeria goes off line, its sticky. Theyre intent on shutting down production and they have the capacity to do. So its the biggest upside ris nkt oil market. Is there any other sector where you have a group called the avengers having an impact . This is what theyre calling themselves. Its really a men take two. There was a group that kidnapped oil workers, shut down facilities and parade them around on tv. They do thin
Retail sector is still under pressure. Pandora shares on the rise after activist Investment Firm calling for pandora to consider a sale. Stocks poised to open lower following mondays rally. Futures up 0. 4 as gasoline, medical care and food prices up. April Housing Starts up 6. 6. Well above expectations on a 3. 7 gain. Economy doesnt look too bad this morning, jim. No. A lot of that increase in cpi is gasoline has come up. Thats something that the market likes, which is the craziness of this market. Remember we go to 48 for oil yesterday, and we have an explosion. All the stocks of the companies that do poorly when oil goes higher, but thats all right because oil is meant to be a barometer. We keep telling ourselves that. At a certain point its not a barometer. At a certain point its back to the inflation rate. But at the same time i dont see a lot of strength. I just see a lot of no volume, algorithmic moves in the stock market. Yesterday was one of the worst examples of it because t
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