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The US stock market closed higher with DJIA up to 21,700 for the first time
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Loading...American indices closed higher today, after FED's decision to leave rates unchanged at 1.25%. The members of the Central Bank noted the lower than desired inflation reading, and until it reaches their 2% target, the monetary policy will remain somewhat accommodative in order to assist the economic growth. The indices also traded higher due to the better than expected corporate profit result. All three indices DJIA, S&P 500 and the NASDAQ were up and reached record levels. Boeing, Coca-Cola and Ford Co. came out with better than expected results. Now 73% of all companies reported results from the S&P 500 index surprised on the up side. The data from the US economy show that it continue to grow at a moderate pace with mortgage applications up by 0.4% and new home sales up by 0.8% in June. Lawmakers will vote in the Senate in regards to the appealing of Obama care today.
DJIA: 97.58 points/ 0.45% - 21,711.01
S&P: 0.70 points/ 0.03% - 2,477.83
NASDAQ: 10.57 points/ 0.16% - 6,422.75
RUSS 2000: -8.04 points/ -0.55% - 1,442.35
VIX: 9.46
In the S&P index most gained were the sectors of the Telecommunications and Utilities.
For Dow Jones index, most was gained by Boeing, as its stock jumped 9%.
The price of Oil was up and reached $48.70 per barrel, which is a record move up for the last 8 weeks, due to the weaker dollar. That rise of the Crude Oil for sure helped the rise of the indices. The USD remained weak and traders sold it off. Our expectations continue to be dollar negative. The Euro kept its upward momentum today and broke horizontal resistance on the top side above 1.1714, now we are expecting that the currency will reach the levels of $1.20. Gold also jumped after the rate decision and managed to reach $1,266. Copper was up by 1.7% to reach $6,329 per metric ton.
Source of the graph: Bloomberg Pro Terminal
Trader - S. Fuchedzhiev
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