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Senin, 24 Juni 2019

Why you should ‘keep your eyes open’ during this June rally - MarketWatch

Be careful what you wish for.

The Dow Jones Industrial Average DJIA, +0.18% , bolstered by the Fed’s return to its easy-money mind-set, is on pace for its best June since 1938.

Read: The Dow could hit 30,000 faster than you think

And, the S&P 500 SPX, +0.06% , as of Friday’s intraday high, was up 7.7%, putting the broad-market gauge on track to be the sixth best June ever.

What could possibly go wrong?

The OddStats Twitter TWTR, +0.47% account, in our stat of the day, points to the S&P’s action and asks the question: “Do you really want to join this list?”

Here’s what happened the other five times June’s been this strong:

This time it’s different? Well, in the time-honored tradition of selecting timelines to suit one’s narrative, here’s a follow-up tweet:

We’ll see... for now, those June gains are holding steady.

The markets

The Dow DJIA, +0.18% , S&P SPX, +0.06% and Nasdaq COMP, -0.07% are all off to a mostly flat start to the trading week. The dollar DXY, -0.12% is dipping and the yield on the 10-year U.S. bond TMUBMUSD10Y, -1.60% is just over 2%. Gold GCQ19, +0.87% is charging ahead once again.

Oil US:CLN19 US:CLN19 is mostly flat. Europe stocks SXXP, -0.16% are struggling to find direction, and Asian ADOW, +0.21% stocks finished with a bit of green, as cautious bullish optimism emerged for a thaw in U.S.-China trade talks.

In cryptocurrencies, bitcoin BTCUSD, -1.32% broke through $11,000 level and notched its highest level since March 2018.

The chart

At a recent interview at the Economic Club of New York, investing legend Stanley Druckenmiller said “the best economic predictor I’ve ever met is the inside of the stock market.” And by that, he meant cyclical companies within the market — “trucking, retail, that kind of stuff, the Russell 2000 RUT, -0.33% .” He determined that the inside of THIS market is telling us to exercise caution.

Jesse Felder of the Felder Report agrees, and he made this visual representation of what Druckenmiller was talking about to back his point:

“‘You better be careful and keep your eyes open,’ indeed,” Felder wrote in his most recent blog post, quoting Druckenmiller.

The call

The Fed is going to cut rates. We know that. But will it cut rates twice this year? How about three times? James Bianco of Bianco Research says four — FOUR! — cuts this year alone. And he believes the stock market will eat it up. “Trust the market. It wants a lot of rate cuts. It’s been saying that for months,” Bianco told CNBC. “They’re saying, ‘Look, you’ve got room to lower rates. Lower the cost of capital and maybe provide more stimulus without the fear of inflation. So, do it.’”

Watch the full interview:

The buzz

Merger Monday: Shares of Caesars Entertainment CZR, +16.40% are climbing on news of a buyout by Eldorado Resorts ERI, -9.04% in a deal that values the rival casino operator at $8.6 billion.

It might seem like there’s absolutely no way the TV version of Fox News host Sean Hannity is an actual real person, but one look at his cozy text conversations with Paul Manafort reveals, well, he IS the same guy in real life.

Disney’s DIS, -1.53% “Toy Story 4” opened to a solid $118 million in the U.S. and Canada to lead the weekend’s box offices, but it was a bit of a letdown.

Nike NKE, -0.04% will give some insight later in the week into how tariffs are affecting the bottom line — analysts say Nike’s doing just fine. Nevertheless, the U.S./China trade war has been a cause for concern for retailers.

The quote

“Neither Iran nor any other hostile actor should mistake U.S. prudence and discretion for weakness. No one has granted them a hunting license in the Middle East” — U.S. national security adviser John Bolton, as quoted by CNN.

The tweet

Random reads

A journalist tells his story of his run-in with the border patrol and the “terrible power” they are all too eager to wield.

The long, cruel history of the antiabortion crusade.

That melting Arctic ice is about to reveal some nasty stuff.

Star quarterback Cam Newton was ready to pay a LOT of cash to switch seats with a guy on a flight to France, but he got denied.

How an asteroid could destroy Earth before impact.

Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m. Eastern.

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2019-06-24 13:56:00Z
CAIiEIriyIFWcdTZvLgJiJIY9MYqGAgEKg8IACoHCAowjujJATDXzBUwmJS0AQ

Beijing could blacklist FedEx as ‘unreliable entity’ after another Huawei delivery screw-up - RT

American courier FedEx has apologized for failing to deliver a package to the US which contained a Huawei smartphone. The incident, which is not the first of its kind to affect Huawei, was explained as an “operational mistake.”

The parcel belonged to PC Magazine which reportedly tried to send a Huawei P30 smartphone from Britain to the United States. Tracking services revealed the shipment was returned to London after it spent several hours in Indianapolis.

Also on rt.com Patriot games: Chinese dump iPhones & switch to domestic Huawei devices amid US crackdown

“The package in question was mistakenly returned to the shipper, and we apologize for this operational error,” a FedEx spokeswoman told Reuters.

The company also said it “can accept and transport all Huawei products except for any shipments to listed Huawei entities on the US Entity List.”

Following the incident, China’s technology giant Huawei tweeted it was not within FedEx’s right to prevent the delivery. It added that the courier had a “vendetta.”

Also on rt.com FedEx apologizes to Huawei for ‘mis-routing’ its packages to US ‘in error’

China’s foreign ministry said on Monday that FedEx should offer a proper explanation.

The so-called ‘operational error’ comes less than a month after FedEx apologized for rerouting packages sent between offices of Huawei. Two packages containing “urgent documents” which were sent from Japan ended up being sent to the US. Huawei’s shipping agent blocked two more from Vietnam, which FedEx had also attempted to reroute. Huawei’s spokesman then said the incident had “undermined their confidence” in the US-based shipping company.

The latest incident has sparked renewed criticism of FedEx on Chinese social media. The topic ‘FedEx apologizes again’ was trending on China’s microblog platform Weibo.

Also on rt.com Huawei files lawsuit against US government over seizure of equipment

China’s state-run newspaper the Global Times tweeted on Sunday that FedEx is likely to be added to the Chinese government’s upcoming ‘unreliable entities’ list of foreign firms, groups and individuals that harm the interests of Chinese companies.

Huawei has become an important point of conflict between the US and China as a part of the ongoing trade war. In May, the Trump administration added Huawei to the entity list effectively barring it from doing business with American companies which supply Huawei with necessary parts and technology. Google and Microsoft have suspended business with Huawei in order to conform to the US trade ban.

The US alleges that Huawei could be spying for the Chinese government, a claim which the company, along with the Chinese government, has repeatedly denied.

For more stories on economy & finance visit RT's business section

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2019-06-24 11:41:00Z
52780318695974

McDonald's started using fresh meat. Here's what happened to sales - CNN

Last year, the burger chain switched to fresh beef quarter-pound burgers from frozen at most of its stores in the contiguous United States. That change has led to a 30% spike in sales of quarter pounders on average over the past 12 months, the company said Monday. It also helped McDonald's (MCD) burgers gain market share in what the industry calls the "informal eating out" category for the first time in five years, the company said.

McDonald's made the change to appeal to consumers' growing interest in ingredient transparency. Buyers today want to know where their food comes from, Marion Gross, the company's chief supply chain officer for North America, told CNN Business.

The fresh beef quarter-pound burgers have helped boost McDonald's sales.

"Our customers are changing at a super fast pace," she said. "As a result, we've had to change, too." The company has also made commitments to reduce the use of antibiotics in its beef and switch to cage-free eggs.

McDonald's said sales of the fresh quarter-pound burger were especially strong in May 2018, when it was first introduced, thanks in part to marketing efforts. More recently, the company included the fresh beef burger in its 2 for $5 deal for the first time. The promotion performed well, CFO Kevin Ozan noted in an analyst call discussing first-quarter earnings.

Going from frozen to fresh beef was a challenge.

"There was a huge transformation that was required" to make the shift, Gross said. Suppliers needed new packaging equipment and more refrigerators, among other things, to make sure the fresh beef was handled safely, she said. Distribution trucks needed the right temperature monitoring systems to transport the beef correctly. And in McDonald's kitchens, employees had to implement new food safety practices.

Overall, the shift was one of the "biggest, boldest moves that we've made in a long time," said Gross. It's the biggest supply chain change the company has made since it started serving all-day breakfast in 2015, she noted.

It also put a strain on the company's franchisees, who had to pay for some of the changes, like different refrigeration and storage systems.

McDonald's is under pressure as allegations of sexual harassment surface and activists circle the wagons

Last year, the company encountered some friction with its franchisees. In October, the National Owners Association — a self-funded advocacy group of McDonald's franchisees — met for the first time to discuss ways to work with McDonald's to improve their livelihoods. The company's aggressive remodeling plan, which includes modernizing stores with digital menu boards and self-order kiosks, has put pressure on franchisees, which also struggle when McDonald's adds new menu items or makes other big changes.

Gross noted that the shift was "not easy," but that franchisees ultimately came on board because fresh beef burgers are just better. "The franchisees became believers very quickly," she said.

McDonald's shared news of the improved fresh beef sales as it fields questions about whether it will introduce a plant-based protein burger to its US menu.

Several fast food chains, including Burger King, have added menu items featuring meatless meat as consumers show interest in the product. McDonald's serves a vegan burger in Europe.

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2019-06-24 12:43:00Z
52780320236879

G20 nerves hit European stocks, dollar; oil gains - Investing.com

© Reuters. A passerby walks past in front of a stock quotation board outside a brokerage in Tokyo

By Karin Strohecker

LONDON (Reuters) - European stocks stumbled and the dollar dropped to three-month lows on Monday as hopes waned for progress in Sino-U.S. trade talks at this week's G20 meeting and fears grew of a confrontation with Iran.

Investors are waiting to see if Presidents Donald Trump and Xi Jinping can de-escalate a trade war that is damaging the global economy and souring business confidence. The leaders will meet during a G20 summit in Japan.

Pan-European fell 0.2% , reflecting losses in Paris and Milan. Stocks in London were little changed. Germany's export-sensitive fell 0.5% after a profit warning by Daimler caused its shares to drop nearly 5%.

However, gains in Asia saw the MSCI regional and global stocks gauges rise again towards last week's six-week highs. Wall Street also looked in line for more gains after closing lower on Friday. pointed to a 0.2% rise at the open.

"G20 is turning into a high-stakes poker game for risk, and if the sideline talks between Trump and Xi fail and trigger an escalation in tariffs, the odds of a full-blown global recession increase exponentially," said Stephen Innes, managing partner at Vanguard Markets.

On Monday, Chinese Vice Commerce Minister Wang Shouwen said China and the United States should be willing to compromise in trade talks and not insist only on what each side wants.

U.S. Vice President Mike Pence's decision on Friday to call off a planned China speech was also considered a positive sign. Pence had upset China with a fierce speech in October that laid out a litany of complaints ranging from state surveillance to human-rights abuses.

Still, most analysts doubt the two sides will come to any meaningful agreement. Tensions are reaching beyond tariffs, particularly after Washington blacklisted Huawei, the world's biggest telecoms gear maker, effectively banning U.S. companies from doing business with it.

"Any high hopes ahead of the G20 meeting may be disappointed," said Benjamin Schroeder, senior rates strategist at ING in Amsterdam. "In the end, uncertainty will persist and central banks could still be pushed closer to invoking their contingency plans."

The U.S. Commerce Department said on Friday it was adding several Chinese companies and a government-owned institute involved in supercomputing to its national security "entity list", which bars them from buying U.S. parts and components without government approval.

A Chinese newspaper said FedEx Corp (NYSE:) was likely to be added to Beijing's "unreliable entities list".

U.S. markets had reached record highs after last week's signals by the Federal Reserve that it may cut interest rates soon to bolster the U.S. economy. ()

However, that weakened U.S. currency, causing a to slip 0.1% lower to 96.11 after its biggest weekly drop in four months last week.

The dollar has led a broad selloff in major currencies as global central banks signaled a dovish outlook on monetary policy amid growing signs of a weak global economy.

The dollar fetched 107.39 yen, having slipped as low as 107.045 on Friday, the lowest level since its flash crash on Jan. 3.

"The market is not expecting more Fed rate cuts than it had so far, but that the reasoning behind them is being interpreted in a different manner," Commerzbank's head of FX and commodity research, Ulrich Leuchtmann, wrote in a note to clients.

"While for a long time the expected weakening of growth, fears of a recession and low inflation were used as reasons for rate cuts, another reason has now been added to the list: the Fed caving in to the White House."

The euro rose to a three-month high of $1.1387 against the dollar. [FRX/]

In developing markets, the Turkish lira strengthened as much as 2% after Turkey's main opposition party won Istanbul's re-run election for mayor, a blow to President Tayyip Erdogan.

pulled back from 18-month highs after jumping more than 10% over the weekend. Analysts said the gains came amid growing optimism over the adoption of cryptocurrencies after Facebook (NASDAQ:) announced its Libra digital coin.

Economic woes, looming U.S. interest rate cuts and tensions between Tehran and Washington drove gold higher. The precious metal stood at $1,404.79 per ounce, not far from Friday's six-year high of $1,410.78.

The rising tensions between Iran and the United States, after Iran shot down an American drone, also pushed oil prices higher. U.S. Secretary of State Mike Pompeo said "significant" sanctions on Tehran would be announced.

futures rose 0.4% to $65.42 per barrel, near Friday's three-week high of $65.76. futures were up 0.9% at $57.91, standing at its highest in over three weeks. [O/R]

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2019-06-24 09:26:00Z
CBMiZ2h0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy9hc2lhLXN0b2Nrcy1jbGltYi1wcmVnMjAtb2lsLXVwLW9uLXVzaXJhbi1mZXVkLTE5MDUyMznSAQA

FedEx apologizes for returning Huawei phone, reigniting Chinese ire - One America News Network

FILE PHOTO: Federal Express truck makes its way down a freeway in San Diego, California

FILE PHOTO: A Federal Express truck makes its way down a freeway in San Diego, California August 22, 2014. REUTERS/Mike Blake/File Photo

June 24, 2019

By Kanishka Singh, Caroline Stauffer and Sijia Jiang

(Reuters) – FedEx Corp has apologized for returning a package which the sender said contained a Huawei smartphone, blaming an “operational error” as it works to comply with U.S. restrictions on business with China’s Huawei Technologies Co Ltd.

The error came less than a month after FedEx apologized for misdirecting packages sent between offices of Huawei. The telecom equipment maker subsequently said it would review its relationship with the U.S. delivery firm, while Chinese state media said authorities are investigating the matter.

Weeks earlier, Huawei was placed on the United State’s so-called Entity List, meaning American companies must apply for special permission to conduct business with related firms. The U.S. government deems Huawei a security risk due to Chinese law requiring domestic companies to comply with intelligence work.

Huawei had relied on U.S.-connected companies to supply components and software for its networking gear and smartphones.

On Friday, PC Magazine said FedEx had returned a Huawei phone that the American publication had sent from Britain to the United States.

In response to a Reuters inquiry, FedEx on Sunday said it “can accept and transport all Huawei products except for any shipments to listed Huawei entities on the U.S. Entity List”.

A FedEx spokeswoman confirmed the package in question was bound for the United States but declined to disclose its contents.

Huawei on Sunday tweeted it was not within FedEx’s right to prevent the delivery and said the courier had a “vendetta”.

On Monday, China’s foreign ministry said FedEx should offer a proper explanation. The Beijing News, municipal government-run newspaper, in an editorial said U.S. firms should be “rational” and not over-react or misinterpret the U.S. Entity List.

The list expanded on Friday with the addition of several Chinese companies and a government-owned institute involved in supercomputing with military applications.

UNRELIABLE

The incident sparked renewed criticism of FedEx on Chinese social media, with the topic “FedEx apologizes again” trending on Weibo, China’s Twitter-like microblog platform.

State-run newspaper Global Times on Sunday tweeted that FedEx is likely to be added to the Chinese government’s upcoming Unreliable Entities List of foreign firms, groups and individuals that harm the interests of Chinese companies.

Neither China’s commerce ministry nor FedEx responded to Reuters’ requests for comment on the likelihood of FedEx being added to the list. State news agency Xinhua previously said authorities’ investigation into FedEx misrouting Huawei packages should not be regarded as retaliation.

FedEx’s operational error comes against a backdrop of increasing tension between the world’s two biggest economies. The United States and China have been engaged in a trade fight for nearly a year on issues such as tariffs, subsidies, technology, regulations and cyber security.

A telephone call between U.S. President Donald Trump and Chinese President Xi JinPing last week, as well as confirmation the two will meet in Japan on the sidelines of a Group of 20 summit, have rekindled hopes of a detente.

(Reporting by Kanishka Singh in Bengaluru, Caroline Stauffer in Chicago and Sijia Jiang in Hong Kong; Additional reporting by Huizhong Wu in Beijing; Editing by Marguerita Choy and Christopher Cushing)

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2019-06-24 08:37:30Z
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Asia stocks climb pre-G20, oil up on U.S.-Iran feud - Investing.com

By Tomo Uetake and Noah Sin

TOKYO/HONG KONG (Reuters) - Stock markets in Asia inched higher on Monday on hopes that U.S. and Chinese leaders will be able to get trade talks back on track this week, while oil prices bounced on political tensions between Tehran and Washington.

European markets are set to trade generally higher, with the pan-region up 0.2%, London's futures up 0.1% in early trade, and German flat.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2%, hovering not far from Thursday's six-week high, while Japan's average was gained 0.1%.

In China, the , the blue-chip CSI 300, and Hong Kong's were all flat.

Wall Street shares closed slightly lower on Friday after hitting a record high thanks to signals last week from the Federal Reserve that it may cut interest rates soon to bolster the U.S. economy from protracted trade conflicts. ()

Investors are nervously awaiting an expected meeting between presidents Donald Trump and Xi Jinping later this week for any signs of a de-escalation in a trade war that is damaging the global economy and souring business confidence. The leaders will meet on the sidelines of the G20 summit in Japan.

China and the United States should be willing to make compromises in trade talks and not insist only on what each side wants, Vice Commerce Minister Wang Shouwen said on Monday.

U.S. Vice President Mike Pence on Friday decided to call off a planned China speech, which also increased optimism ahead of trade talks. Pence had upset China with a fierce speech in October in which he laid out a litany of complaints ranging from state surveillance to human-rights abuses.

"Event-driven players are buying back stocks as the United States and China at least appear to be talking to each other," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley (NYSE:) Securities (MUMSS).

Still, most analysts doubt the two sides will come to any meaningful agreement as the tensions have extended beyond tariffs, particularly after Washington put Huawei, the world's biggest telecoms gear maker, on a blacklist that effectively bans U.S. firms from doing business with the company.

"The very best markets can hope for is a more patient delay and position building at the G20 that at least sees the U.S. and China refrain from any further escalation," Michael Every, senior strategist for Asia Pacific at Rabobank, wrote in a note on Monday.

The U.S. Commerce Department said on Friday it was adding several Chinese companies and a government-owned institute involved in super computing with military applications to its national security "entity list" that bars them from buying U.S. parts and components without government approval.

In China, the Global Times newspaper said FedEx Corp (NYSE:) is likely to be added to Beijing's 'unreliable entities list'.

"Few investors would expect a dramatic progress when they are talking about entity lists, just days before a likely summit," said MUMSS's Fujito, adding that markets could slip back on disappointment after the summit.

Oil prices climbed as tensions remained high between Tehran and Washington following Iran's shooting down of an unmanned American surveillance drone, with U.S. Secretary of State Mike Pompeo saying "significant" sanctions on Tehran would be announced.

futures rose 0.7% to $65.66 per barrel, near Friday's three-week high of $65.76, while futures were up 1.1% at $58.07, standing at its highest in over three weeks.

Also potentially becoming a factor in the equation, Arab politicians and commentators greeted Trump's $50 billion Middle East economic vision with a mixture of derision and exasperation, although some in the Gulf called for it to be given a chance.

The combination of heightened geopolitical worries and likely U.S. interest rate cuts encouraged investors to seek the safety of gold.

The precious metal stood at $1,404.79 per ounce , not far from Friday's six-year high of $1,410.78.

In the foreign exchange market, the euro rose to a three-month high of $1.1386 against the dollar on Monday as bearish bets on the greenback remained solid on prospects of a near-term interest rate cut by the Federal Reserve. [FRX/]

The dollar fetched 107.42 yen , having slipped to as low as 107.045 on Friday, the lowest level since its flash crash on Jan. 3.

Other notable movers include Australian dollar. The firmed almost 0.5% to $0.6958, its highest since June 12, as it looks set for a fifth straight session of gains as its U.S. counterpart was undermined by aggressive wagers on rate cuts from the Fed, which offset any bearishness from the probability of policy easing at home.

The Turkish lira strengthened 1.4% to 5.7219 per dollar after Turkey's main opposition claimed a decisive victory on Sunday in Istanbul's re-run election, dealing one of the biggest blows to President Tayyip Erdogan.

Elsewhere, jumped overnight to $11,247.62, its highest level since March 2018. It was last quoted at $10,726.68.

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2019-06-24 06:59:00Z
CBMiZ2h0dHBzOi8vd3d3LmludmVzdGluZy5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy9hc2lhLXN0b2Nrcy1jbGltYi1wcmVnMjAtb2lsLXVwLW9uLXVzaXJhbi1mZXVkLTE5MDUyMznSAQA

Asian shares waver ahead of Trump-Xi meet at Osaka G-20 - INQUIRER.net

BANGKOK – Shares were wavering in Asia on Monday as investors watched for movement in the China-U.S. trade dispute ahead of a meeting between Presidents Donald Trump and Xi Jinping planned for later this week in Osaka, Japan, at the Group of 20 summit.

Japan’s Nikkei 225 index gained 0.2% to 21,302.38 while in Hong Kong the Hang Seng also added 0.2% to 28,538.39.

The Kospi in South Korea edged 0.1% higher 2,128.69. Australia’s S&P ASX 200 lost 0.1% to 6,643.30 and the Shanghai Composite index declined 0.1% to 2,999.30. Shares fell in Southeast Asia and Taiwan.

Asian shares waver ahead of Trump-Xi meet at Osaka G-20

A man walks past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo Monday, June 24, 2019. Shares were wavering in Asia on Monday as investors watched for movement in the China-U.S. trade dispute ahead of a meeting between Presidents Donald Trump and Xi Jinping planned for later this week in Osaka, Japan, at the Group of 20 summit. (AP Photo/Eugene Hoshiko)

The biggest uncertainty looming over the market remains the U.S. trade war with China. Stocks mostly have rallied since Trump said he planned to meet with Xi, though Wall Street finished its milestone-setting week on a downbeat note on Friday as a late flurry of selling nudged stocks lower and snapped a four-day winning streak.

On Friday, the U.S. announced it was blacklisting five Chinese organizations involved in supercomputing with military-related applications, citing national security as justification for denying its Asian geopolitical rival access to critical U.S. technology.

The move by the U.S. Commerce Department could complicate talks with Xi aimed at de-escalating the tariffs war between the world’s two biggest economies.

The five blacklisted organizations placed on the so-called Entity List include supercomputer maker Sugon, which is heavily dependent on U.S. suppliers including chipmakers Intel, Nvidia and Advanced Micro Devices.

The other four are the Wuxi Jiangnan Institute of Computing Technology and three Sugon affiliates. The Commerce Department called their activities “contrary to the national security and foreign policy interests of the United States.”

“The Trump administration’s further blacklisting of five Chinese tech companies ahead of the G-20 meeting had perhaps not been the best piece of news for markets with sentiment hinging on U.S.-China trade relations,” Jingyi Pan of IG said in a commentary.

“That said, neither had things taken any significant step for the worse within the market,” she said.

Wall Street finished a milestone-setting week on a downbeat note Friday after a late flurry of selling nudged stocks lower, ending the market’s four-day winning streak.

Even with the modest losses the market delivered its third straight weekly gain, with the benchmark S&P 500 index hovering just below its record high close from a day earlier.

The S&P 500 index dipped 0.1% to 2,950.46. The Dow Jones Industrial Average dropped 0.1% to 26,719.13. The Nasdaq composite fell 0.2% to 8,031.71.

Smaller company stocks fared worse than the rest of the market. The Russell 2000 index slumped 0.9% to 1,549.63.

The major U.S. stock indexes are up more than 7% so far this month and are holding on to gains of more than 14% for the year.

Investors have been reassured by statements from the Federal Reserve this month that suggest the central bank is prepared to cut interest rates in response to a slowing global economy.

At the same time, traders remain concerned that corporate profits might suffer should the kind of economic slowdown that would prompt the Fed to cut rates take hold.

A mixed batch of economic data on Friday didn’t have much of an impact on trading, which remained mostly muted as investors took a breather after a four-day rally.

Benchmark crude oil picked up 38 cents to $57.81 per barrel in electronic trading on the New York Mercantile Exchange. It rose 0.6% to settle at $57.43 a barrel on Friday, ending with a 9.2% gain for the week, the biggest weekly gain in more than two years.

Only a few weeks ago, the price of U.S. crude was in a correction, what Wall Street calls a drop of at least 20% from a recent peak.

Brent crude oil, the international standard, climbed 24 cents to $64.69 per barrel.

The dollar was hovering at 107.40 Japanese yen, up from 107.30 yen on Friday. The euro rose to $1.1381 from $1.1371. /gsg