The latest New York manufacturing data from the regional Fed shows activity increased to 19.28 in the month of June, beating economists’ estimates of 15. Though the reading represents an increase from the 19.01 measured the month prior, the geopolitical volatility in Iraq is translating into anxiety on Wall Street.
“Iraq is still weighing heavily on investors’ minds,” Michael Block, chief strategist at Rhino Trading Partners, said in an e-mail,adding, “There is very real concern that ISIS will march on Baghdad.”
The volatility in the oil-rich region put upward pressure on crude prices Monday. The benchmark U.S. contract increased by 12 cents, or 0.11 percent to $107.03 a barrel. It is currently trading near a six-month high.
Wholesale New York Harbor gasoline rose 0.03 percent to $3.059 a gallon, while the safe-haven investment in gold increased $7.10, or 0.57 percent to $1,282 a troy ounce.
Readings above 0 point to expansion, while those below indicate contraction.
