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US stock market rebound continues, oil price back above US$100

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
More analysis

The Federal Reserve-led rally this week has continued into Thursday, with all three US stock markets finishing higher once again.

The Nasdaq continues to outperform despite the threat of higher rates, up 1.3%, with the S&P 500 and Dow Jones up 1.2% and 1%, respectively.

The energy and financials sectors, traditional beneficiaries from higher rates, were key drivers whilst Occidental Petroleum (NYSE: OXY) jumped nearly 10% after Berkshire Hathaway (NYSE: BRK.A) increased their investment in the company.

Shares in Alibaba (NYSE: BABA) weakened after a torrid short-term run, down 4% and the oil price surged another 7% to move above US$100 once again.

The Bank of England raised interest rates again, now at 0.75%, in an effort to stave push back on inflation that has remained over 5%.

US stock market movers

Here’s how popular US stocks traded overnight.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to follow this positive lead from US stock markets and open higher this morning. For a round-up of the latest news, check out my ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Get the golden rules

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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