Wall Street opens in the green
Wall Street started Friday’s session on a positive note as traders in New York continued the upbeat mood across global markets.
Shortly after the opening bell, the Dow Jones Industrial Average was up 0.35% at 34,582 while the S&P 500 climbed 0.18% to 4,247 and the Nasdaq rose 0.1% to 14,034.
If the ascent continues, the S&P could be on track to notch another record close after Thursday’s performance, which saw it end the session at 2,439.
7:50am: Wall Street to head higher
The main indices on Wall Street are expected to rise at the opening bell on Friday following an upbeat mood across global markets.
Spread-betters expect the Dow Jones Industrial Average to open up 69 points while the S&P 500 is predicted to climb 6 points and the Nasdaq is forecast to rise 33 points.
This will be a case of “follow-through buying as the upbeat mood continues”, says market analyst Sophie Griffiths at Oanda.
“US consumer confidence is the highlight of the US economic calendar today and could boost sentiment further.”
She said the US dollar is seeing a tepid bounce after edging lower in the previous session.
“Investors felt confident that the rise in inflation was not sufficient to prompt an earlier move by the Fed. Price rises in airline tickets and used cars supported the Fed’s view that the spike in prices was transitory.”
With the euro extending mild losses after the ECB this week again indicated ultra-easy monetary policy is here to stay, Griffiths added: “What is clear from both the Fed and the ECB is that data is driving policy decisions, rather than forecasts.”
She noted that gold, as it is often considered a hedge against inflation, fell initially on surging US inflation, but has found support from falling US Treasury yields.
“Yields falling on rising inflation appears counter initiative, but as inflation is surging interest rate expectations are not, which is a sweet spot for Gold.
“What more could gold want? Rising inflation and a Federal Reserve willing to sit on its hands? Whilst Gold is edging lower on a stronger US Dollar, a move over $1900.00 an ounce is not out of the question. That opens the door for a move towards resistance at $1916.00. Failure to reclaim the $1900.00 level could see the price ease back towards the $1890.00 an ounce comfort zone.”
Four things to watch for on Friday:
- Firms in the earnings diary today include fast food chain Nathan’s Famous Inc (NASDAQ:NATH) and furniture maker Virco Manufacturing Corp (NASDAQ:VIRC)
- Investors may be keeping an eye on Chinese ride-hailing firm Didi after the company unveiled plans for a US IPO
- Oil prices may also be in focus after the price of Brent Crude surpassed US$70 a barrel
- On the macro front, there is little going on however US inflation expectation data may be interesting for some traders
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/952085/wall-street-opens-in-the-green-952085.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).