{"id":118993,"date":"2018-01-03T07:15:15","date_gmt":"2018-01-03T12:15:15","guid":{"rendered":"http:\/\/countingpips.com\/?p=118993"},"modified":"2018-06-01T15:46:49","modified_gmt":"2018-06-01T15:46:49","slug":"us-equities-rally-intact","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/01\/us-equities-rally-intact\/","title":{"rendered":"US equities rally intact"},"content":{"rendered":"
January 3, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

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

US stock market\u00a0<\/b>ended at record highs on Tuesday as the market opened after New Year holiday. The dollar weakened in the first session of 2018: 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, fell 0.5% to 91.84. The\u00a0S&P 500\u00a0<\/em>rose 0.8% to record high 2695.79 led by energy shares up 1.8%.\u00a0Dow Jones\u00a0<\/em>industrial average gained 0.4% to 24824.01. The\u00a0Nasdaq\u00a0<\/a>composite index jumped 1.5% to all-time high 7006.9.<\/p>\n

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The stock market rally, driven by improving corporate earnings and expectations of growth boost from fiscal stimulus measures like tax cuts, has elevated stock valuations to historical highs. After passing of the tax overhaul bill investors\u2019 attention will focus on trillion dollar infrastructure spending programs proclaimed by President Trump during election. Better than expected economic data also provided support to stocks: the final reading of the US manufacturing purchasing manager\u2019s index for December was upgraded to 55.1, compared with a preliminary reading of 55.0. A reading above 50 indicates an expansion in activity.<\/p>\n<\/div>\n<\/div>\n

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Stronger euro weighs on European stocks<\/h2>\n<\/div>\n<\/div>\n

European markets\u00a0<\/b>slipped on Tuesday weighed by stronger euro and Pound. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound<\/em>continued their rally against the dollar. The Stoxx Europe 600 slipped 0.1%. The German\u00a0DAX 30\u00a0<\/a>lost 0.4% to 12871.39. France\u2019s\u00a0CAC 40<\/em>\u00a0dropped 0.5% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>fell 0.5% to 7648.10. Indices opened 0.1% – 0.4% higher today.<\/p>\n

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Pound rose despite the decline to 56.3 of December manufacturing PMI in UK from 58.2 in November. Euro got a boost from European Central Bank policy maker Benoit Coeure comment over the weekend \u201cthere is a reasonable chance that the extension of our asset purchase program decided in October can be the last.\u201d The ECB in October decided to extend its quantitative easing to the end of September 2018, although at a slower pace of \u20ac30 billion a month instead of \u20ac60 billion of monthly bond purchases.<\/p>\n<\/div>\n<\/div>\n

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Technology stocks lead Asian markets higher<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are higher today led by technology stocks tracking gains on Wall Street. Chinese stocks are extending gains: the\u00a0Shanghai Composite Index\u00a0<\/em>is up 0.4% and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 0.2% higher. Japan’s markets are closed for holidays. Australia\u2019s All Ordinaries Index is up 0.15% as Australian dollar rally against the greenback paused.<\/p>\n

\"AU200\"<\/p>\n

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Oil steady<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are steady today as supply shortage concerns ease with the resumption of Forties North Sea pipeline operation and expectations of US crude oil output rise in 2018. Prices slipped yesterday: March Brent lost 0.5% to $66.57 a barrel Tuesday.<\/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, Nasdaq close at fresh records US stock market\u00a0ended at record highs on Tuesday as the market opened after New Year holiday. The dollar weakened in the first session of 2018: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival […]<\/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-118993","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118993","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=118993"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118993\/revisions"}],"predecessor-version":[{"id":119005,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/118993\/revisions\/119005"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=118993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=118993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=118993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}