The U.S. dollar was gaining this morning on a stronger-than-expected GDP report, rising expectations of a Fed rate hike, and easing concerns about global growth. Second quarter GDP was up 3.9%, well ahead of consensus expectations of 3.7%.
Crude oil prices continue to feel the heat from a rise in U.S. rig counts and seasonal weakness, but is finding some support near the yearly lows. Oil sank after Baker Hughes said the U.S. oil rig increased by 6 to 670.
A 12-nation Pacific trade agreement cleared a crucial test in the U.S. Senate on Thursday, giving a resounding thumbs-up to legislation that holds the key to President Barack Obama's diplomatic pivot to Asia.
A group of technology companies, including Facebook Inc., Google Inc. and Apple Inc., opposed the bill because of what it called an “unacceptable loophole that could enable the bulk collection of Internet users’ data.”