{"id":116188,"date":"2017-11-09T06:46:22","date_gmt":"2017-11-09T11:46:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=116188"},"modified":"2018-06-01T15:53:27","modified_gmt":"2018-06-01T15:53:27","slug":"us-stocks-rally-continues","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/us-stocks-rally-continues\/","title":{"rendered":"US stocks rally continues"},"content":{"rendered":"
November 9, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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SP 500, Dow and Nasdaq close at records<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0closed at new record highs on Wednesday with tax reform Congressional deliberations in the focus. The dollar strengthened marginally: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, inched up to 94.87. The\u00a0S&P 500<\/a>\u00a0gained 0.1% to 2594.38 led by consumer staples and technology shares. The\u00a0Dow Jones\u00a0<\/em>added less than 0.1% to fresh all time high 23563.36.\u00a0Nasdaq<\/em>composite rose 0.3% to 6789.12.<\/p>\n

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Investors bet that the tax reform will be adopted, boosting US economy. The Congressional Budget Office said the House Republicans\u2019 tax bill would raise the federal deficit by $300 billion more than lawmakers estimated, exceeding the $1.5 trillion the recently passed budget would require to meet Senate rules. President Donald Trump wants tax overhaul legislation to pass in the Republican-led House of Representatives before the Thanksgiving holiday later this month. A Senate tax-cut bill, differing from the House of Representatives proposal, is expected to be unveiled today.<\/p>\n<\/div>\n<\/div>\n

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Financial shares lead European stocks lower<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>continued retreating on Wednesday led by financial shares. The\u00a0euro\u00a0<\/em>ended little changed against the dollar while the\u00a0British Pound\u00a0<\/em>resumed the decline. The Stoxx Europe 600 closed lower less than 0.1%. Germany\u2019sDAX 30\u00a0<\/em>ended up less than 0.1% settling at 13382.42. France\u2019s\u00a0CAC 40\u00a0<\/a>lost 0.2% while UK\u2019s\u00a0FTSE 100\u00a0<\/em>added 0.2% to 7529.72. Indices opened lower today.<\/p>\n

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Concerns about non-performing loans and below expectations earnings reports from banks weighed on financial shares. Credit Agricole shares lost 3.6% after disappointing earnings due to weak trading. Italian bank shares fell after sell off on concerns banks may need fresh capital.<\/p>\n<\/div>\n<\/div>\n

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Higher Chinese inflation buoys Asian indices<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly higher after upbeat Wall Street session overnight.\u00a0Nikkei\u00a0<\/em>however fell 0.2% to 22868.71 as yen resumed climbing against the dollar. Chinese stocks are higher buoyed by higher than expected October inflation report: the\u00a0Shanghai Composite Index\u00a0<\/em>is up 0.4% and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 0.8% higher. Australia\u2019s All Ordinaries Index rose 0.5% despite Australian dollar\u2019s continued gains against the greenback.<\/p>\n

\"NIKKEI\"<\/p>\n

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Oil steady as US crude inventories rise<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are steady today. Prices ended lower yesterday after the US Energy Information Administration reported domestic crude supplies rose by 2.2 million barrels last week. However gasoline stockpiles fell 3.3 million barrels. Brent crude fell 0.3% to $63.49 a barrel on Wednesday.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

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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 SP 500, Dow and Nasdaq close at records US stocks\u00a0closed at new record highs on Wednesday with tax reform Congressional deliberations in the focus. The dollar strengthened marginally: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, inched up to […]<\/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-116188","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116188","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=116188"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116188\/revisions"}],"predecessor-version":[{"id":116197,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116188\/revisions\/116197"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}