#AceFinanceReport – Jan.26: US Stocks Closed On A Mixed Session After Notching New All-Time Intraday Highs Since Trumps Inauguration Reaching 20,000 Points On Wednesday ….
CNBC reported on Thursday that “The [S&P 500] confirmed a breakout from its consolidation phase yesterday, supporting short-term upside follow-through and minimizing the likelihood of a significant pullback in the near term,” said Katie Stockton, chief technical analyst at BTIG.
“We believe the breakout overrules the bearish takeaways we can derive from the low level of the VIX and weak seasonal influences in February, for now at least,” Stockton said. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, hit its lowest levels in more than two years on Wednesday. It held around 10.9 on Thursday.
The Nasdaq composite held 0.02 percent lower, having hit a new all-time high earlier in the session.
The three major U.S. indexes closed at all-time highs on Wednesday, with the Dow breaking above 20,000 for the first time, an important psychological barrier.
“If you look at it from a technical perspective, [stocks] finally broke from that six-week range,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “The market is giving the Trump administration more than the benefit of the doubt.”
Dow since US electionSource: FactSet http://cnb.cx/2jjWHBx
One of the principal catalysts in sending stocks to record levels were a series of executive orders signed by President Donald Trump, including two that facilitate the construction of the Keystone XL and North Dakota Access pipelines.
“Until we get to the Fed meeting in March, I don’t see anything that could push us lower,” Schwab’s Frederick said. The Federal Reserve is scheduled to hold its first meeting of the year Jan. 30 through Feb. 1, though Frederick does not expect the central bank to move monetary policy then.
In economic news, initial jobless claims jumped 22,000 to 259,000, but have remained below 300,000 for 99 weeks straight, their longest stretch since 1970.
The U.S. IHS Markit services PMI showed the sector expanded at its fastest pace since 2015, hitting 55.1 from 53.9. “Anecdotal evidence suggested that stronger domestic demand and improving business confidence had led to a robust rise in service sector activity at the start of 2017,” IHS Markit said. New home sales fell 10.4 percent in December.
U.S. Treasury yields fell slightly, with the benchmark 10-year note yield hovering around 2.50 percent, while the short-term two-year note yield traded at 1.22 percent. The dollar regained some ground against a basket of currencies, having broken below 100 earlier this week. It traded 0.5 percent higher in afternoon ET, with the euro around $1.069 percent and the yen near 114.4.
Overseas, European and Asian equities rose broadly, following Wednesday’s bullish run on Wall Street. The pan-European Stoxx 600 index advanced 0.25 percent, while the Japanese Nikkei 225 gained 1.81 percent.
The iShares MSCI Mexico Capped ETF (EWW) fell more than 2 percent after Mexican President Enrique Pena Nieto said he would not attend a previously scheduled meeting with Trump. The Mexican peso hit a session low following the announcement.
EDITOR NOTES: Thanks for following as always appreciate every like, reblog or retweet also our newspaper is added with all our posts daily below: Private Messages to https://t.me/acechatnews
Ace Share News