Wall Street was mixed, blue chips making longest run in 30 years
|Wall Street was mixed with modest gains in the Dow Jones and the S&P 500 making fresh highs while the NASDAQ dropped back.
The Dow Jones Industrial Average was leading with gains in health-care stocks and along with the S&P, the blue-chips were registering 10 straight days of gains and longest run in 30 years.The Dow Jones Industrial Average closed having gained 34 points, or 0.2%, to end at 20,810 and while the S&P 500 moved up about a point to close at 2,363. Meanwhile, the Nasdaq dropped 25 points and closed at 5,835.
On the data front, the Chicago Fed National Activity Index dropped from 0.18 to -0.05 (vs 0.00 expected) while the FHFA house prices climbed 0.4% in Dec (vs 0.5% expected). The Kansas Fed manufacturing rose from 9 to 14 vs the 9 expected and Jobless claims came as 244k vs the 240k expected.
The US dollar index is around 0.2% lower and US 10yr treasury yields fell from 2.45% to 2.38%. In respect of the Fed, analysts at Westpac explained that US Fed fund futures implied rates were mixed, the April contract at 0.72%, implying around a 40% chance of a rate hike in March. "FOMC member Lockhart, who retires soon, said the data supports 2-3 hikes this year. Kapaln said the Fed should move sooner than later. Treasury Secretary Mnuchin said a long bond (50yr to 100yr) is worth consideration, and that tax reform by August is the aim."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.