Stocks finished higher in relatively thin trading Wednesday, led by the energy sector and following a pair of better-than-expected economic reports, but investors remained cautious ahead of the two-day EU summit later this week.
Rep. Spencer Bachus (R-AL) was on CNBC’s “Squawk Box” this morning discussing the financial services industry in the wake of JPMorgan’s trading losses.
Oil prices are set to soften further this week after data showed a slowdown in business activity from Europe to the U.S. and China reflecting continued deterioration in the global economy, according to CNBC's weekly survey of oil market sentiment. Middle East tensions and the U.S. hurricane season may limit the declines.
Stocks finished mixed Monday after wavering in a tight range for most of the session as ongoing worries over Spain overshadowed results of the weekend's Greek elections and as investors hesitated to jump in ahead of the FOMC meeting.
The Reserve Bank of Australia (RBA) is widely expected to lower interest rates by 25 basis points to 3.50 percent at its next meeting Tuesday, however, slowing housing and retail sectors could push the central bank into a more aggressive rate cutting cycle with the market expecting up to 165 basis points in cuts over the year.