The US stock market stepped to new highs for the year after earnings reports increased hopes of economic recovery.
Oil prices jumped above $79 a barrel to a 2009 high this morning in Asia as investors looked for signs the consumer may be regaining confidence.
Oil fell in Asian trade today on profit-taking after overnight gains driven by hopes for improved demand as the global economy recovers.
Barack Obama is considering all options to create jobs, including another stimulus package, while trying to pull the economy out of a deep recession.
Asian stocks were mostly lower this morning amid caution ahead of earnings announcements from large US companies.
The US government closed its 2009 fiscal year with a record 1.417 trillion dollar budget deficit.
The US government's focus on domestic issues amid a severe recession is hobbling efforts to restart the stalled Doha round of global trade talks.
Oil rose further in Asian trade as investors bought into commodities including crude.
New York's main contract, light sweet crude for November delivery rose 65 cents to 75.83 dollars a barrel. Brent North Sea crude for November delivery gained 38 cents to
73.48 dollars.
The stock market is keeping its momentum going, giving shares their best week in more than two months.
Elinor Ostrom and Oliver E. Williamson, both from the United States, won the 2009 Nobel Prize for economics.
Oil prices fell to near $71 a barrel today in Asia, giving up part of the previous day's big gains, as the US dollar rebounded.
