Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Dow rockets 300 points higher to above 34,000

% of readers think this story is Fact. Add your two cents.


12:20pm: Traders step on the gas

In the US, the Dow surged 287 points, 0.9%, to hit 34,017 at midday. The Nasdaq gained 132 points, 1%, to 13,990, and the S&P 500 improved 38 points, 0.9%, to 4,163.

“US markets have hit record highs once again, with a positive outlook from the banks coupled with strong economic data,” Senior Market Analyst Joshua Mahony wrote. “Treasury yields have slumped despite this economic outperformance, helping to lift precious metals and tech stocks.”

Retail sales jumped 9.8% in March, according to data from the Commerce Department, well ahead of Street expectatioons of 6.1% and a sharp reversal from a 2.7% dip in February.

9:37pm: Economic data fuels morning gains

The main indices on Wall Street got off to a positive start on Wednesday as optimism around earnings season held sway.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.67% at 33,956, while the S&P 500 climbed 0.74% to 4,155 and the Nasdaq rose 1% to 13,996.

Sentiment has also been given a boost by better than expected US retail sales figures, which surged 9.8% month on month in March, compared to estimates of a rise of 5.9%-6.3%, as well as a sharp fall in weekly jobless claims to 576,000 last week, the lowest level recorded so far during the pandemic.

8:00am: Wall Street expected to start higher

Wall Street is forecast to make a positive start to trading, with sentiment still buoyant after Wednesday’s positive results from Goldman Sachs.

We have already had better than expected results from Bank of America Corp (NYSE:BAC) and PepsiCo Inc (NASDAQ:PEP) to keep the upbeat mood going.

Also key will be retail sales, which will be scrutinised for signs of a boost to the economy, but also inflationary pressures.

Sophie Griffiths at Oanda said: “Investors will be watching US retail sales data for March, which is expected to show a leap in consumer spending. Forecasts are for a 6.3% increase in sales month-on-month, up from a 3.5% decline in February

“Improving weather conditions plus the disbursement of stimulus cheques are factors expected to ramp up retail sales.

“Treasury yields here will be key – a surge in sales could send yields higher and actually drag on stocks. This data will test the extent to which the markets have bought into the Fed’s dovish mantra.”

So far the markets are accentuating the positive.

The Dow Jones Industrial Average is forecast to open around 147 points or 0.41% higher at 33,877 while the S&P 500 is set for a similar percentage increase and the Nasdaq Composite expected to rise 0.65%.

Four things to watch for on Thursday:

  • Aside from PepsiCo and Bank of America, results are also due today from private healthcare firm UnitedHealth Group Inc (NYSE:UNH) and finance giant Citigroup Inc (NYSE:C)
  • Lab equipment maker Thermo Fisher Scientific Inc (NYSE:TMO) will also be in focus after agreeing to snap up rival PPD Inc (NASDAQ:PPD) in a US$17.4bn deal
  • Meanwhile, shares in newly listed crypto exchange Coinbase Global Inc (NASDAQ:COIN) may attract more interest on its second day of trading following news it has secured backing from the ARK investment fund
  • On the macro front, US retail sales will be the key bit of data alongside weekly jobless claims and production figures

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/946699/dow-rockets-300-points-higher-to-above-34000-946699.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.