Overnight Update: US stocks edged up Wednesday, bouncing back from early losses after better-than-expected reading on new-home sales
Overnight Update: US stocks edged up Wednesday, bouncing back from early losses after better-than-expected reading on new-home sales. Treasury prices swung higher, but traded in a tight range. The US dollar index hit a two-week high. Gold futures headed lower, pulling back toward $1,330 an ounce following the metal's steady assault on higher ground amid persistent economic worries. Oil futures added to earlier gains after a US government report showed that weekly crude supplies rose less than the market expected, but a stronger dollar kept prices for the commodity below $103 a barrel. Stocks in London stayed lower, in line with the broader European stock markets. European stock markets trimmed losses in afternoon action after better-than-expected US housing data calmed worries about the impact from higher mortgages and bad weather. London: BHP down 0.60% Rio down 0.92%. New York: BHP down 0.28% Rio down 0.16%. Base metal prices traded mixed.
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