{"id":107758,"date":"2017-06-20T07:45:02","date_gmt":"2017-06-20T11:45:02","guid":{"rendered":"http:\/\/countingpips.com\/?p=107758"},"modified":"2017-06-20T07:14:02","modified_gmt":"2017-06-20T11:14:02","slug":"technology-stock-rebound-buoys-market-sentiment","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/06\/technology-stock-rebound-buoys-market-sentiment\/","title":{"rendered":"Technology stock rebound buoys market sentiment"},"content":{"rendered":"
June 20, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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S&P 500 and Dow at fresh record highs<\/h2>\n<\/div>\n<\/div>\n

US stocks <\/b>closed at record highs on Monday as technology shares rebounded. The dollar recovered from previous day\u2019s loss: the live dollar index<\/a> data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, gained 0.4% to 97.115. S&P 500 <\/em>rose 0.8% settling at 2453.46, a new record high. The Dow Jones <\/a>industrial average added 0.7% to 21528.99, a closing record. The Nasdaq <\/em>composite index jumped 1.4% closing at 6239.01, with giants Apple, Facebook ad Amazon up 2.9%, 1.5% and 0.8% respectively.<\/p>\n

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Technology shares rebounded after recent bout of selloff on concerns about high valuations of sector shares. As investors digest Federal Reserve\u2019s hawkish statement suggesting the central bank remains on course for another hike this year, Treasury yields rose after New York Federal Reserve President William Dudley said the economy was in good shape and that he wasn\u2019t paying much attention to signals of concern from the bond market. A recent flattening of yield curve has raised concerns about a potential slowdown or recession. Chicago Fed President Charles Evans said he supports the current policy of “very gradual” interest-rate hikes and a slow reduction of the balance sheet in a speech to economists at New York University.<\/p>\n<\/div>\n<\/div>\n

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Commodity and retailer stocks lead European markets higher<\/h2>\n<\/div>\n<\/div>\n

European stock indices <\/b>extended gains on Monday led by commodity shares and retailers. Both the euro <\/em>and British Pound <\/em>ended lower against the dollar as UK officials began Brexit talks with European Union. The Stoxx Europe 600 index rose 0.9%. The DAX 30<\/em> closed 1.1% higher at 12888.95. France\u2019s CAC 40 <\/em>gained 0.9% as French President Emmanuel Macron\u2019s party won strong parliamentary majority on Sunday, which will allow the government to pursue reforms to increase economy\u2019s competitiveness. UK\u2019s FTSE 100 <\/a>added 0.8% to 7523.81.<\/p>\n

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Asian stocks mixed ahead MSCI\u2019s decision<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b> are mixed. Nikkei <\/em>closed 0.8% higher at 20230.41 supported by weaker yen against the dollar. The Chinese stocks are lower ahead of index provider MSCI\u2019s decision on including China\u2019s A shares, which trade on the domestic market, in its Emerging Markets Index. MSCI has revised the scope of shares to be added, cutting its list of stocks eligible for inclusion to 169 large capitalization stocks that are available via the Shenzhen Connect program, compared with 448 previously. Goldman Sachs estimates MSCI\u2019s decision could result in an inflow of $210 billion into Chinese stocks over the next five years. The Shanghai Composite Index <\/em>is down 0. 2%, and Hong Kong\u2019s Hang Seng <\/em>Index is 0.2% lower. Australia\u2019s All Ordinaries Index is down 0.7% Australian dollar climbed higher against the greenback.<\/p>\n

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Oil edges up<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices <\/b>are edging higher today. Prices fell yesterday on rising US output concerns. A possible increase of export from Libya, which recently announced that it would unblock 160 thousand barrels a day of production, also weighed on sentiment. August Brent crude lost 1% settling at $46.91 a barrel on London\u2019s ICE Futures exchange on Monday..<\/p>\n

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets S&P 500 and Dow at fresh record highs US stocks closed at record highs on Monday as technology shares rebounded. The dollar recovered from previous day\u2019s loss: the live dollar index data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, gained 0.4% […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-107758","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/107758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=107758"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/107758\/revisions"}],"predecessor-version":[{"id":107770,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/107758\/revisions\/107770"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=107758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=107758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=107758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}