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Oil, Gold and Indexes Are On The Move Higher

Jeremy Lutz - MarketClub

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Hello traders everywhere. The stock market hit new highs today on renewed hopes of tax reform and solid overall economic data. However, a fight between President Donald Trump and U.S. senator Bob Corker raises questions about the likelihood of a plan moving forward.

President Trump has weighed in by saying that his fight with Senator Corker will not interfere or delay the passing of tax reform. I guess we'll have to wait and see.

Oil and gold are both on the rise today as well. Oil is heading higher on news that the world's biggest crude exporters - Saudi Arabia and Russia - may extend or deepen supply cuts and have urged U.S. shale producers to join them.

Meanwhile, gold touched its highest price in nearly two weeks, supported by a softer dollar and geopolitical tensions in Spain and North Korea, though gains were capped by expectations of another U.S. interest rate increase.

Key levels to watch this week:
S&P 500 (CME:SP500): 2,488.03
Dow (INDEX:DJI): 22,219.11
NASDAQ (NASDAQ:COMP): 6,343.96
Gold (NYMEX:GC.Z17.E): 1,277.70
Crude Oil (NYMEX:CL.X17.E): 49.13
U.S. Dollar (NYBOT:DX.Z17.E): 91.21

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