From Bloomberg:Gold climbed for a ninth straight day amid concern the U.S. is getting closer to losing its top credit rating. Oil rallied, extending a third consecutive weekly advance, and the Standard & Poor’s 500 Index rose amid gains in energy and technology shares.
Gold futures added 0.3 percent to $1,593.80 an ounce at 4 p.m. in New York and have risen 7.5 percent since July 1. The Dollar Index slumped 0.2 percent as eight banks failed European Union stress tests. Crude jumped 1.6 percent to $97.24 a barrel. The S&P 500 added 0.6 percent, leaving it with a 2.1 percent drop for the week.
U.S. House Republicans plan a vote next week on a measure to cut spending, cap expenditures and condition a $2.4 trillion increase in the debt ceiling on passage of a constitutional amendment to balance the budget. While the plan may pass in the Republican-led House, it won’t in the Democratic-controlled Senate, said Representative Steny Hoyer of Maryland, the House’s No. 2 Democrat. The vote offers no immediate resolution to talks aimed at reaching a deal by an Aug. 2 deadline........read on
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