(MENAFN- ProactiveInvestors) The Wall Street rally continues to ding-dong merrily among highs on Monday morning.
Trading volumes are expected to be light on this shortened week nevertheless the rally is still rolling amid seasonal positivity Fed ‘patience’ on interest rates and low fuel prices.
Having risen almost 3.5% last week the S&P 500 is a little higher again in today’s early deals at …
The Dow Jones gained 65 points is close to touching distance from the physiologically significant – or ‘mythical’ as one market commentator put it - 18000 marker.
That crude oil prices have now steadied slightly above last week’s lows is another reason for investors to be cheerful.
“The improvement seen in retail sales last week goes to show the benefits the consumer-led US economy could be set to feel from the lower oil prices” said Jasper Lawler analyst at London based CMC Markets.
“Markets have not exactly cherished the uncertainty surrounding sharply falling oil prices but should take a very different view on stable low prices that reduces energy costs for production and consumption.”
Monday’s corporate news highlights in New York featured the confirmation that clothing firm American Apparel had received a takeover offer with a price indicated between US$1.30 and US$1.50 – it comes after the stock advanced over 50% last week.
The group also confirmed a significant boardroom shake-up with sees the removal of co-chairs Allan Mayer and David Danziger.
Elsewhere Russian oil giant pulled out of a proposed acquisition of ’s oil trading unit due to regulatory hurdles.
AbbVie which was in pursuit of London listed Shire for much of 2014 meanwhile moved higher after received clearance for a hepatitis treatment on Friday.
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