The Dow Jones Industrial Average rose during its recent trading at the intraday levels, to achieve gains in its last sessions and for the second day in a row, by 0.71%, to add the index to it about 249.59 points. It then went to settle at the end of trading at the level of 35,160.80, after its rise in trading on Tuesday by a rate of 1.45%.
Twenty-four of the 30 components of the index rose, advancing in percentage terms, with International Business Machines Corp. By 7.10%, the company reported earnings of $1.40 per share, topping estimates of $1.38 per share, on sales of $14.2 billion, and beating expectations of $13.85 billion.
It was followed by Procter & Gamble Co. by 2.68%, after the company reported earnings of $1.33 per share, topping estimates of $1.29 per share, on sales of $19.38 billion, above expectations of $18.73 billion. Then came Home Depot Inc. a rate of 2.38%.
In economic news, the Market Composite Index, a measure of mortgage loan applications, fell 5% for the week ending April 15 on a seasonally adjusted basis, coming off of a 1.3% decline in the previous week.
“Ongoing concerns about rapid inflation and tighter monetary policy in the United States have continued to push Treasury yields higher, pushing mortgage rates to their highest level in more than a decade,” said Joel Kahn, associate vice president at the Mortgage Bankers Association. "Rates rose across the board for all types of loans," he added.
The National Association of Realtors reported on Wednesday that the pace of US existing home sales fell 2.7% to 5.77 million at a seasonally adjusted annual rate in March from 5.93 million in February. The drop compared to the 5.78 million rate expected in a Bloomberg poll.
Technically, the index received a positive boost in its previous trading, as a result of its support for its simple moving average for the previous 50 days. Double the positive momentum to witness the index's second consecutive rise in this image. All of this is coming in light of the dominance of the main bullish trend over the medium term along a slope line, as shown in the attached chart for a (daily) period.
Therefore, our expectations suggest more ascent for the index during its upcoming trading, especially in the event that it breaches the current resistance 35,372.0, to target the pivotal resistance level 36,565.70 immediately.
