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U.S. Stock Markets at Record Highs

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The Dow rose sharply by more than 140 points on Friday, and was joined by the wider S&P 500 Index which closed as a new all-time high record of 2,259.53. The strong movements were at least partly in response to stronger than expected Preliminary UoM Consumer Sentiment numbers, which came in at 98.0 well above the consensus market forecast of 94.3, showing strong consumer demand in the U.S. economy. This adds to a wider bullish environment that the U.S. stock market has enjoyed since the U.S. Presidential election and due also to many positive data surprises that have emerged since then. The Nasdaq composite gained 0.50 percent and hit a new all-time high like the other major indices. Heath care, consumer staples and utilities showed the strongest sector gains while real estate traded very slightly downward.

The analysts’ consensus continues to hold that Donald Trump’s proposed stimulus plans will continue to propel the market forward and will extend the rally into the new year.

The market’s focus should now turn to the FOMC releases due on Wednesday, which is good as certain to announce a further interest rate hike of 0.25%. This move should be very well priced into the markets by now, but the economic projections will be watched keenly.

Greenback’s Muted Rise

The U.S. dollar rose against all its major trading partners, except for the Canadian Dollar. The U.S. Dollar Index closed the day up 0.26% and rose especially strongly against the Japanese Yen, hitting 115.37 at one point.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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