US stocks stepped back from early highs, the Dow industrials traded above 16,000 for the first time and the S&P 500 near its own milestone of 1,800

Bell Potter
Bell Potter Stockbroker

US stocks stepped back from early highs, the Dow industrials traded above 16,000 for the first time and the S&P 500 near its own milestone of 1,800. Treasury prices pushed higher, continuing a strengthening trend that began last week as the bond market refined its expectations of an accommodative monetary policy under Yellen to take over the Federal Reserve. The USD fell against other major currencies. Gold futures edged lower. Oil futures traded below $94 a barrel. The UK's FTSE rose as Aberdeen Asset Management rallied after an acquisition, although Petrofac posted a record decline after an outlook update.European stock markets erased earlier losses and moved broadly higher after data showed the euro zone's trade surplus grew more than expected in September. London BHP up 0.48%. Rio up 0.20%. New York BHP up 0.12%. Rio up 0.25% LME Base metals traded lower.

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