Your Weekly Trading Review by UFX.com – Sunday, October 29th, 2017
Here are some of the major financial events of the past week and how they affected the global financial markets:
EUR/USD fell by 0.37%, closing the week at $1.1608. The GBP/USD dropped by 0.25%, closing the week at a £1.3128 exchange rate.
The Dow ended the week on a high of 0.14%, closing at a value of 29,434.19.The S&P 500 also increased by +0.81%, closing at 2,581.07. Finally, the NASDAQ increased by +2.20%, ending the week at 6,701.26.
Amazon’s Stock Jump Pushes Jeff Bezos to the Top
Amazon’s CEO, Jeff Bezos has snatched the title of the world’s richest person from fellow business man, Bill Gates who had held the title since 2013. A surge after the recent earnings report catapulted Jeff Bezos to the top of the Bloomberg Billionaires Index for the first time. The latest gain in Amazon’s stock price added an impressive $7 billion to his worth overnight. According to Bloomberg, Bezos current net worth is $90 billion.
Amazon Inc. was founded on July 5, 1994. The company has built and acquired over 40 divisions and services offering health and beauty products, digital photography, groceries, cloud storage, and content distribution. Amazon has developed strategic partnerships with large companies like Sears and Marks & Spencer, turning it into one of the largest internet retailers in the world. Trading on the NASDAQ under ticker symbol AMZN, Amazon averages an annual revenue of $135 billion.
Brent Oil Peaks Above $60
Brent Crude Oil reached above $60 per barrel for the first time in more than 2 years. The price of Oil has increased this month due to geopolitical tension and expectations that OPEC and other oil exporters will extend a deal to limit oil output. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day off the market through the whole of next year. Saudi Crown Prince Mohammad bin Salman told Reuters he supports extending the agreement.
That’s our summary of the financial headlines from the past week. Good luck with this week’s trading and stay tuned for the next review from UFX.