Stocks close higher. Oil keeps climbing. Here's what happened in markets today
The gains come after stocks closed in the red on Tuesday and Wednesday, ending a week-long rally even though fundamentals hadn't really changed. Investors are hoping to see President Donald Trump and Chinese Premier Xi Jinping will meet at the G-20 summit in Japan later this month and move forward to find a resolution to the China-US trade spat. If Xi is not present, Trump said there would immediately be further tariffs on Chinese imports.
Investors are hopeful that the Fed could boost the stock market. Expectations for a Federal Reserve interest rate cut in July are now at 86%. The central bank is meeting next week, although it is not expected to cut rates at its meeting. Chairman Jerome Powell will probably deliver guidance of an impending cut. If Powell disappoints, markets could become volatile
Meanwhile, the IPO bonanza continued. Fiverr, an online marketplace for freelancers, made its debut on the New York Stock Exchange under the ticket "FVRR" after pricing its IPO at $ 21[ads1] a share.
The stock finished its first trading day 90% higher, at $ 39.90 per share.
Oil rising fast
Oil prices are leaving investors with whiplash Two tankers were attacked in the Gulf of Oman.
"The knee jerk reaction is more of a response to the risks associated with higher tensions in the region and prospect of more attacks, with immediate impact on oil supplies," said Craig Erlam, senior market analyst at Oanda, in a note.
