Wall Street recovers on ebbing concerns
|- Better than expected market mood helped the Dow and the S&P end a four-day losing streak.
- Tech-related equities strong, keeping the Nasdaq close to record highs.
Wall Street posted a nice comeback after Monday's slump, with the three major indexes ending the day with solid gains. The Dow Jones Industrial Average added over 100 points to close the day at 25,299.92, while the S&P advanced 0.64% to finish at 2,839.96, both halting a 4-day losing streak. The Nasdaq Composite settled at 7,870.89 adding 51 points or 0.65%.
The Turkish Lira managed to bounce after a hitting record low against the greenback Monday, reviving risk appetite, particularly for US stocks, as investors focused on the country's solid economic performance. The absence of fresh headers related to the US-China trade war added to the positive mood.
According to technical readings, however, the Dow is not out of the woods, as the index held within Monday's range, below its 20 DMA, while technical indicators lost their downward strength, but hold flat within neutral levels. Shorter term, and according to the 4 hours chart, the index settled around a bearish 20 SMA, which keeps heading lower below the 100 SMA, while technical indicators recovered, but with the Momentum losing upward strength after entering positive territory, and the RSI gaining downward traction now around 44, all of which limits the upward potential of the index.
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