No way, Jose.” That was effectively Saudi Arabia’s response to Mike Pompeo as the U.S. Secretary of State tried to play peacemaker in the oil production-and-price war between the desert kingdom and the Kremlin. U.S. oil drillers, meanwhile, looked like they needed pacemakers as crude experienced another heart-stopping week of losses that left the market down nearly 65% on the year.
The Covid-19 mega stimulus, meant to jolt the American economy back to life, did provide oxygen to Wall Street, lifting the Dow, S&P 500 and Nasdaq to their first weekly gains in three.
With stocks rising, gold also scored its best week in almost 12 years despite losing some of its lustre on Friday as investors cashed in on a portion of the yellow metal’s supercharged gains that came on the back of the approval for the $2 trillion package
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