June 7 New York

The DJIA rose by 37.46 points to 21173.69 while the SP500 gained by 3.81 points to 2433.14.  The Nasdaq Composite Index added by 22.322 to 6297.380.  Yield of 10 year U.S. treasury gained by 2.8 basis points to 2.173% while the rate of the U.S. dollar to the yen weakened by 0.41 to 109.82.  U.S. stocks halted a two-day slide as banks rebounded amid a drop in Treasuries.  Crude tumbled on rising supplies, while the dollar was little changed as investors awaited a key day of events that could set the tone on financial markets.  The SP500 rose, buoyed by lenders after 10-year note yields added 2.8 basis points.  Government data showing crude stockpiles in the U.S. rose last week sent oil falling suddenly more than 5 percent toward $45.7.  WTI crude oil futures tumbled 5.1 percent to $45.72 per barrel.  The report dented market calm before a series of events Thursday, from the ECB’s policy decision to testimony by the former FBI director and the U.K.’s election.  The risk-off mood that characterized the start of the week had abated , though investors seemed reluctant to add any big positions before major events of a pivotal Thursday.  / European stocks rose while U.S. futures edged higher before the ECB’s policy decision, the U.K. election and former FBI Director James Comey’s testimony before a Senate committee.  Copper led industrial metals higher as data showed an acceleration in Chinese exports while oil recovered a small portion of the more than 5 percent plunge triggered by a report showing a rise in U.S. crude stockpiles.  Equity investors have been prepared to place their faith in an expanding global recovery while fixed-income money managers have dialed back inflation expectations in the U.S.

Kazuhide Matsuishi

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