Wall Street Close: A shaky start to the week, stimulus hopes keep the bid going


  • The Dow Jones Industrial Average added 35.2 points, or 0.13%.
  • The S&P 500 gained 17.8 points, or 0.53%.
  •  The Nasdaq Composite put up 159.00 points, or 1.42%.

Investors were enthused that there re ongoing Congressional talks over putting together another coronavirus stimulus package. 

US data was plentiful as well, and the mix of politics and assessments of the US economy made for a turbulent session for the first day of the new month and quarter.

US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin remained far from agreement on key areas. Pelosi described as differences over dollars and values.

The Congressional Democrats led by Pelosi have proposed a $2.2 trillion package and the House is scheduled to start debates in current trade and a vote on the partisan bill will take place for Thursday evening.

Meanwhile, the Dow Jones Industrial Average added 35.2 points, or 0.13%, to 27,816.9, the S&P 500 gained 17.8 points, or 0.53%, to 3,380.8 and the Nasdaq Composite IXIC put up 159.00 points, or 1.42%, to 11,326.51.

Of the S&P's 11 major sectors, there was a 1.5% gain with Amazon.com AMZN that added the biggest boost while the best percentage gainer in the sector was another online retailer, Etsy ETSY, which climbed more than 8%.  

US data was mixed

Initial claims for Pandemic Unemployment Assistance lifted 34k last week, but the weekly numbers are worsening. 

837k people made an initial claim for the regular benefit.

The ISM manufacturing index dropped to 55.4 pts from 56.0 surprising the market, which expected a lift. 

The core PCE deflator for the US rose 0.3% in August, MoM, as expected. The July data was revised up which helped pushed annual core deflator rate to 1.6%.

SP 500

Overview
Today last price 3372.5
Today Daily Change -13.75
Today Daily Change % -0.41
Today daily open 3386.25
 
Trends
Daily SMA20 3355.61
Daily SMA50 3362.54
Daily SMA100 3230.09
Daily SMA200 3109.1
 
Levels
Previous Daily High 3387.25
Previous Daily Low 3307
Previous Weekly High 3330.75
Previous Weekly Low 3209.5
Previous Monthly High 3587
Previous Monthly Low 3209.5
Daily Fibonacci 38.2% 3356.59
Daily Fibonacci 61.8% 3337.66
Daily Pivot Point S1 3333.08
Daily Pivot Point S2 3279.92
Daily Pivot Point S3 3252.83
Daily Pivot Point R1 3413.33
Daily Pivot Point R2 3440.42
Daily Pivot Point R3 3493.58

 

 

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