Wall Street Close: All eyes turning to the FOMC


  • The Dow Jones Industrial Average added 1.42 points, or 0.01%
  •  The S&P 500 gained 17.58 points, or 0.52%.
  • The Nasdaq composite put on 133.67 points, or 1.21%.

US benchmarks were buoyed again on Tuesday as investors cheered signs of economic recovery, clung to vaccine hopes and awaited what is expected to be a dovish Federal Reserve event on Wednesday. 

The S&P 500 ended up slightly with Apple Inc shares AAPL rising the prior day as well as Tuesday giving the indexes boost.

The Dow Jones Industrial Average added 1.42 points, or 0.01%, to 27,994.75, the S&P 500 gained 17.58 points, or 0.52%, to 3,401.12 and the NasdaqComposite put on 133.67 points, or 1.21%, to 11,190.32.       

US data on the up

 Data on Tuesday showed US factory output increased strongly in August. Separately, US import prices increased more than expected for the same month, supporting the view that inflation pressures were building up. The Empire State manufacturing index outperformed expectations lifting to 17.0pts from 3.7 pts.

Fed in focus

Looking ahead, in its first policy meeting since Fed Chair Jerome Powell announced a more accommodative stance on inflation, the central bank could switch its Treasury purchases toward more long-dated debt to keep long-term yields low.

However, on the hawkish side, analysts at TD Securities warned of the chances that there could be just minimal changes to forward guidance and characterization of QE in the statement.

If there us a more upbeat tone on the outlook following stronger-than-expected data recently and 2023 economic projections consistent with tightening soon after end of 2023, then the risks are bearish for stocks

 

S&P 500 levels

 

Overview
Today last price 3411
Today Daily Change 21.75
Today Daily Change % 0.64
Today daily open 3389.25
 
Trends
Daily SMA20 3432.14
Daily SMA50 3332.9
Daily SMA100 3176.04
Daily SMA200 3100.44
 
Levels
Previous Daily High 3403.75
Previous Daily Low 3365.25
Previous Weekly High 3444.25
Previous Weekly Low 3310.25
Previous Monthly High 3522.75
Previous Monthly Low 3264.25
Daily Fibonacci 38.2% 3389.04
Daily Fibonacci 61.8% 3379.96
Daily Pivot Point S1 3368.42
Daily Pivot Point S2 3347.58
Daily Pivot Point S3 3329.92
Daily Pivot Point R1 3406.92
Daily Pivot Point R2 3424.58
Daily Pivot Point R3 3445.42

 

 

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