As the US currency falls, the world’s stock markets gained value and the price of oil rises.
The US currency closed the day at $ 3,423.71, down 0.52%, although it reached a high of $ 3,439.56. According to the Colombian Stock Exchange, the average price at which the dollar traded was $ 3,428.45, which is 0.28% less than the Representative Market Rate (TRM) for January 6.
The TRM for tomorrow, January 7, will be $ 3,428.04.
For its part, the Cólcap index gained 0.30% (4.30 points). The most valued shares in today were Conconcreto (+ 9.09%), Ciments Argos (+ 2.30%) and HCOLSEL (+ 2.25%), of S&P Colombia Select ETF Stock Fund .
The New York Stock Exchange closed firing on Wednesday, with the Dow Jones on a new record during a tumultuous political day in which pro-Trump protesters invaded the U.S. Congress. The Dow Jones index closed up 1.44% at 30,829.40 points. The tech Nasdaq lost 0.61% to 12,740.79 points and the S&P 500 gained 0.57% to 3,748.14 points. The New York Stock Exchange ended positively a day of political chaos.
Senate elections in Georgia gave Democrats a likely victory that would leave them in control of the upper house of Congress. This outlook has pros and cons for the market: while this will allow Democrats to more easily implement their tax-raising projects – something investors don’t want – they will also be able to pass a second round of budget revival to help the ‘economy.
The Dow Jones rose more than 2% during the day during the certification process for the election of Joe Biden, which began this Wednesday in Congress without Vice President Mike Pence opposing as requested by President Donald Trump.
The index remained at record levels before closing despite the chaos caused by a horde of pro-Trump protesters who stormed Congress.
Finally, the North Sea Brent barrel for delivery in March gained 1.49% to $ 54.30 in London. While the WTI barrel for delivery in February rose 1.40% to $ 50.63, a high since late February last year.
“Oil prices are rising after the unexpected results of the OPEC + meeting,” said Carlo Alberto De Casa, an activist at Activtrades.
After two-day talks, OPEC members and their allies finally agreed on Tuesday that only Russia and Kazakhstan will slightly increase their black gold production in the first quarter of 2021. The volume withdrawn from the market for this alliance will go from 7.2 million barrels per day (mbd) in January to 7,125 mbd in February, and then to 7.05 mbd in March, the poster announced.
But “the real surprise was the announcement by Saudi Arabia of a voluntary reduction of one million barrels per day that will be implemented over the next two months,” the Activtrades analyst added. “Instead of being taken for what it is, a sign of weakening demand, the Saudi surprise pushed up oil prices,” noted Stephen Brennock of PVM.
The two benchmark contracts had already risen nearly 5% on Tuesday. The rise was also fueled by oil reserves data in the United States, which fell 8 mb last week, more than analysts expected.