US markets opened the new week in positive fashion overnight, propelling the S&P500 to its longest stretch of gains since last October.
In the commodities complex, oil nudged higher, supported by ongoing tensions in Ukraine, and recent US data signalling a brighter economic outlook for the world’s biggest energy consuming nation.
Conversely, palladium took a hit and gold fell to its lowest settlement since early April. Still, the potential for conflict between Ukraine and Russia may provide renewed support for these metals.
In currency markets, the yen slipped to a two month low versus the greenback after yesterday’s data revealed a larger-than-expected Japanese trade deficit last month.
The benchmark index logged its fifth consecutive winning session, buoyed by a set of better-than-expected earnings.
So far this reporting season, approximately 62% of S&P500 company earnings have beaten expectations.