|Day's range||27,859.87 - 28,224.95|
|52-week range||21,712.53 - 28,224.95|
Stocks resurged Thursday afternoon after Bloomberg reported that U.S. negotiators had reached terms of a phase one trade deal that now awaits approval from President Donald Trump
Fed Chairman Jerome Powell said Wednesday that the Fed could "adjust the details" of its balance sheet policies and repo operations to prevent another flare-up in money markets.
The S&P 500 index and Nasdaq closed at all-time highs Thursday after stocks climbed on fresh optimism that the U.S. and China are close to reaching a deal in their costly trade war. The Nasdaq gained 63.27 points, or 0.7%, to 8,717.32. The Nasdaq is up 60.79 points, or 0.7%.
Stocks were boosted in the morning when President Donald Trump tweeted that the United States was close to a deal ahead of Sunday, when a new round of tariffs on Chinese goods has been set to go into effect. Wall Street has focused on the new round of tariffs, hopeful they would at least be delayed as the world's two largest economies make progress on an initial trade deal. The Dow Jones Industrial Average rose 220.75 points, or 0.79%, to 28,132.05, the S&P 500 gained 26.94 points, or 0.86%, to 3,168.57, and the Nasdaq Composite added 63.27 points, or 0.73%, to 8,717.32.
Investing.com - The major stock indexes urged to new intraday highs, and the S&P; 500 and Nasdaq Composite indices closed at new records on reports that the United States and China have "an agreement in principle" on a phase one trade deal.
Based on the early price action and the current price at 28044, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 28069.
Investing.com – Stocks pushed higher Thursday afternoon on reports the United States and China have mostly agreed on a phase one trade deal.
The S&P 500 and Nasdaq closed at all-time highs Thursday on renewed optimism that the U.S. and China are close to reaching a deal in their costly trade war. Financial, technology and health care stocks powered much of the rally, which gave the S&P 500 its second straight gain and erased its losses from earlier in the week. Bond yields surged and real estate companies, utilities stocks and household goods makers fell as investors shifted money away from safe-play investments.
The first short-term range is 28197 to 27312. Its 50% level or pivot at 27755 is support. It’s also controlling the near-term direction of the Dow. The range for the week is 28047 to 27726. Its 50% level is 27887. Aggressive traders may want to use this level as guidance.
Wall Street stocks edged higher Wednesday as the Federal Reserve kept interest rates unchanged while investors awaited news on trade talks. The Fed, as expected, made no change to interest rates after cutting the last three meetings in an effort to maintain solid economic growth. Fed Chair Jerome Powell said the US outlook "remains favorable despite global developments and ongoing risks" as he described the grinding US-China trade war as a drag on global growth.
Investing.com – Technology stocks were the stars of the day Wednesday as the Federal Reserve held steady on interest rates and Chairman Jerome Powell pronounced the economy "in a good place."
Wall Street was mixed but mostly higher early Wednesday, awaiting more clarity on a hoped-for US-China trade agreement and unmoved by an uptick in consumer inflation. The Federal Reserve announcement due later Wednesday is not causing many ripples, an unusual situation given the hyper-focus normally aimed at the US central bank. The broad-based S&P 500 was up 0.2 percent to 3,138.18, as was the tech-rich Nasdaq Composite Index which edged up to 8,632.84.
The U.S. central bank said moderate economic growth and low unemployment are expected to continue through next year's presidential election. After cutting rates three times earlier this year, the Fed left its benchmark rate at the target range of between 1.50% and 1.75%, a decision that was widely expected. "You are looking at a cautiously optimistic Fed," said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.
Trading slows ahead of the FOMC announcement due Wednesday afternoon. No change in policy is expected but the committee’s outlook on inflation could move the market.
US stocks closed within a whisker of record highs, buoyed on Wednesday by the Federal Reserve’s confidence in the labour market and the central bank’s projection interest rates would remain on hold through 2020. The outlook helped steady investors’ nerves, which have been tested this week by concerns the US and China may struggle to agree a phase one trade deal that would prevent a new round of tariffs on Chinese imports being imposed on December 15. The Nasdaq Composite added 0.4 per cent and the Dow Jones Industrial Average advanced 0.1 per cent.
The Federal Reserve left its policy rate unchanged at 1.5-1.75 per cent and indicated without dissent that it had no plans to make any more changes in 2020. After a two-day meeting in Washington on Wednesday, policymakers’ predictions for the likely path of the Fed’s policy rate showed a decisive shift toward a more accommodative stance over the next three years. In September, when the Fed last published its predictions, the median policy rate proposed for 2022 by participants in the Fed’s Open Market Committee was 2.4 per cent. That has dropped to 2.1 per cent.
Global equity markets rose on Wednesday after the Federal Reserve indicated interest rates would remain on hold for some time - a positive for risk assets - while oil prices fell after data showed an unexpected increase in U.S. crude inventories. New projections showed 13 of the U.S. central bank's 17 policymakers foresee no change in rates until at least 2021 as moderate economic growth and low unemployment are expected to continue through next year's presidential election. The projection of no rate hikes for the foreseeable future is phenomenal when U.S. monetary policy over the last few decades is considered, said Kristina Hooper, chief global market strategist at Invesco in New York.
Wall Street stocks ended modestly lower for a second straight session Tuesday as investors weighed conflicting signals on US-China trade talks. Stocks rose early Tuesday on a Wall Street Journal report that signaled a likely delay in the next round of duties, but pulled back after White House economic advisor Larry Kudlow said tariffs were still on the table. "We continue to have this he said/she said on trade," said Art Hogan, chief market strategist at National Securities.
Investing.com - Stocks overall pulled back modestly Tuesday, despite nibbling at energy, health care and tech stocks, as investors await trade news and a decision from the Federal Reserve.