U.S. Treasuries fell and stocks rose as the markets reopened for trading in 2018. A strong Asian session did not help European stocks as they closed their first day in the red.
The S&P 500 continued its streak of giving investors returns by opening the first trading day higher. Automakers held back the Europe 600 while the MSCI Asia Index reached record levels. Property shares soared in China, which led the gains in the popular Asian index.
However, the dollar fell while the euro reached a three-year high compared to the U.S. dollar. Bloomberg’s dollar index fell to its lowest level in three months causing many currency traders to park their money in gold. Oil prices were volatile as concerns over the protests in Iran loom.
2018 was a record-breaking year for many of the major market averages, but the same cannot be said for the dollar. Stocks worldwide saw some of their best performances since 2009, and many analysts credit the improving economies of many developed countries. Here are some of the major market highlights and what investors should look for in the coming days or weeks.
• The British pound rose to its highest levels in 15 weeks, closing at $1.355.
• At 112.20 per U.S. dollar, the Japanese yen rose to its highest levels in five weeks.
• The yield on U.S. Treasury bonds rose to 2.45 percent, which is an increase of five basis points.
• Copper fell to $3.29 per pound, a drop of 0.4 percent.
• Gold reached its highest levels in nearly 15 weeks at $1,312.94 per ounce.
• The NASDAQ surged 1 percent in early Tuesday trading while the Dow saw triple-digit increases.
• WTI (West Texas Intermediate) continues to trade at three-year highs.
The U.S. will release payrolls on Friday, and the minutes from the Fed meeting in December will be released on Wednesday.