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Oil prices rebound on mixed day for US stocks

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Agence France-Presse

NEW YORK -- Wall Street stocks rebounded Tuesday behind solid retail data and reassuring comments from Federal Reserve officials, while oil prices rose and the dollar slid.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/11/28/23/philippine-shares-bounce-back-to-6300-level">Philippine shares bounce back to 6,300 level</a></li></ul>World stock markets, including in New York, have made robust gains in recent weeks on hopes that the US central bank had finished with hiking rates and could cut borrowing costs next year as inflation cools.While Wall Street&#x27;s main indices spent some time in the red, they moved higher as the yields on US government bonds fell.An indication of lower inflation expectations and borrowing costs, a drop in bond yields is generally supportive of equities.Fed Governor Christopher Waller said he was &quot;encouraged&quot; by recent progress on the economy and more confident inflation was returning to the Fed&#x27;s desired level.Data from the Conference Board showed US consumer confidence rose more than expected in November, while the National Retail Federation reported higher sales over the critical five-day shopping weekend that includes &quot;Black Friday.&quot;After a choppy session, the broad-based S&amp;P 500 finished up 0.1 percent.Later this week, investors will pore over the closely watched personal consumption expenditures (PCE) price index, the Fed&#x27;s preferred guide on inflation.&quot;The market appears to have embraced the idea that slowing economic data will hasten the arrival of market-friendly rate cuts,&quot; said Chris Larkin at E*Trade from Morgan Stanley.&quot;This week will provide plenty of opportunities for traders to decide whether that cooling trend is intact,&quot; he added.Expectations that rates will come down have weighed on the dollar in recent weeks, and the greenback continued to slide on Tuesday.Elsewhere, oil prices rebounded more than two percent as OPEC and its key allies gear up for a delayed meeting due Thursday.CMC Markets analyst Michael Hewson said the gain came &quot;as expectations build on the prospect of another output cut in the face of weakening demand and lower prices.&quot;Last week&#x27;s gathering was postponed after some African countries reportedly baulked at more production cuts proposed by Saudi Arabia.The Saudis and Russia are thought to be considering announcing a further reduction in output into the new year as they try to prop up prices, which have come down over recent months owing to slowing economies and softening demand.<div> RELATED STORY:</div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/XV9_CpKVjkI?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Wall Street stocks rebounded behind solid retail data and reassuring comments from Federal Reserve officials, while oil prices rose and the dollar slid.