Stocks and exchange traded funds (ETFs) are all mixed up this morning as the trade deficit rose to its highest point in more than a year, thanks to oil prices.
The gap between what the nation imports and what it sells overseas rose by 7.8%, to $60.9 billion. It’s the largest imbalance since March of last year, reports Martin Crutsinger for the Associated Press.
U.S. export sales rose 3.3% to a record high, owing to big gains in
the sales of commercial aircraft, farm machinery, medical equipment and
computers.
In the coming months, the cost of oil imports are expected to climb even further, since oil prices show no signs of slowing. Fun! Is this what they mean by June Gloom?
The forward march is continuing today, as investors turn their attentions toward global demand for oil, reports John Wilen for the Associated Press. A report said oil demand is going to keep rising, particularly in China. After last month’s quake, demand is predicted to go up 5.5% this year.