The markets opened with a nearly 100-point jump before stocks and exchange traded funds (ETFs) reversed course after the Fed sounded the alarm on rising oil prices.
- Federal Reserve Chairman Ben Bernanke said rising oil prices could be problematic for the economy if the uptrend continues. He did stress, however, that the most likely outcome would be a jump in consumer prices instead of runaway inflation. United States Brent Crude (NYSEArca: BNO) has shot up 10.6% in just 10 days; today, it’s up nearly 2%.
- Egypt’s stock exchange was expected to open today, but that was delayed until Sunday, sending the Market Vectors Egypt (NYSEArca: EGPT) up more than 3% in early trading.
- Manufacturing in the United States rose to its highest level in nearly seven years, a sign that economic recovery continues to improve. The report pushed Global X Silver Miners (NYSEArca: SIL) up more than 1% in early trading.
- The U.S. dollar strengthened this morning on the bullish manufacturing report, as well: PowerShares DB U.S. Dollar Bullish (NYSEArca: UUP) is tempering losses after months of trading lower.
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