Wall Street opens in the green
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/wall-street-opens-in-the-green-946699.html
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 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 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).