Stocks Rally on US Shutdown Progress

It appears that last week’s stock market correction may have run its course for now. Building on Friday afternoon’s rebound in North America that brought the Dow and the S&P 500 into the green for the day, stocks have been rallying to start the week. In Asia Pacific trading, the Hang Seng jumped 1.5% and the Nikkei gained 1.3%. In Europe today, the DAX is up 1.8% and the FTSE is up 0.9%. In the US, NASDAQ futures have popped 1.5%, while Dow Futures are up 0.4%.

Over the weekend, there was some progress toward a deal to end the US government shutdown, which has dragged on for over a month now. The US Dollar is rallying on the news sending the Yen down 0.4%, the Loonie down 0.3% and the Euro down 0.1%.

Alternative currencies, meanwhile, are soaring today. In precious metal trading, Gold is up 2.6% and Silver is up 4.0%, while in cryptocurrency trading, Bitcoin is up 1.6%. Commodities are also strengthening today with Copper up 1.8% and Crude Oil up 0.5%.

It’s a light week for economic news with no central bank meetings scheduled. The main part of earnings season is winding down. Headliners this week include Manulife Financial and Cisco Systems on Wednesday, followed by Walt Disney on Thursday.

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