New high for Dow Jones, metals on a rally, and oils plunge

Yesterday, Tuesday, the trading session closed higher for crude oil and Brent futures. It seems that the forecast of the International Monetary Fund (IMF) and its hopes for economic stimulus, along with the arrival of good weather and the slow recovery from the pandemic are contributing to this rally. The black gold commodity will need to continue to be closely watched by traders along with Wednesday’s release of crude oil inventories from the Energy Information Administration (EIA).

But oil is not the only one to post gains, economic stimulus, and the prospects of an IMF post-pandemic recovery seem to be encouraging for most stock indices. Yesterday, the EURO STOXX50 closed the trading session at record highs not seen since 2008. The S&P500 once again broke upward limits, and even the IBEX35 closed slightly better than Monday, although it remains to be seen whether it will hold up after the release of the unemployment rate. It seems that the IMF expects the Spanish economy to grow by 6.4% this year.

Gold, despite a season-long decline, posted small gains yesterday on the back of a weaker dollar. Traders will keep an eye on the statements of the last Federal Reserve (Fed) meeting scheduled for today, Wednesday, and will watch any geopolitical developments closely.

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