US stocks close at record highs

US stocks close at record highs

New York, Aug 16 (IANS) US stocks rallied on Monday, with all three major indices setting new closing records, as investors focused on a rebound in oil prices while awaiting the minutes of the US Federal Reserve.

The Dow Jones Industrial Average rose 59.58 points, or 0.32 per cent, to 18,636.05, Xinhua news agency reported.

The S&P 500 increased 6.10 points, or 0.28 per cent, to 2,190.15. The Nasdaq Composite Index was up 29.12 points, or 0.56 per cent, to 5,262.02.

Oil prices kept rising on Monday, with both US oil and Brent crude jumping nearly 3 per cent, as speculation intensified about potential producer action to support prices in an oversupplied market.

Investors were also awaiting the minutes of the Fed’s July policy meeting scheduled for release on Wednesday, for more indications on the timing of the next interest rate hike.

Chinese yuan strengthens

Beijing, Aug 16 (IANS) The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 238 basis points to 6.6305 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.

In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 per cent from the central parity rate each trading day, Xinhua news agency reported.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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