Wall Street ends mixed while the Dow and S&P are just 0.5% from their record highs
- Nasdaq moved back by 17.75 points, or 0.2%.
- The Dow Jones Industrial Average climbed 37.07 points, or 0.1%, at 27,219.52.
- The S&P 500 fell 2.18 points, down by 0.1%, to 3,007.39.
On easing US Chinese tensions and improved US data, the tone was upbeat on Wall Street to end of a positive week for US stocks. The benchmarks are a stone throw away from their all-time highs, with the DJIA rising 1.6% for the week and the S&P 500 adding 1% while the laggard, Nasdaq, advanced just 0.9%.
The Dow Jones Industrial Average climbed 37.07 points, or 0.1%, at 27,219.52 while the S&P 500 fell 2.18 points, down by 0.1%, to 3,007.39, and the Nasdaq moved back by 17.75 points, or 0.2%. The Dow and S&P are just 0.5% from their record highs while the Nasdaq is 1.9% from its all-time closing high.
US data coming in strong
As for US data, Retail Sales impressed, beating expectations at 0.4% month-on-month gain versus the 0.2% consensus expectation and 4.1% year on year making for the sixth straight month of positive growth which will certainly be something for the Federal Reserve to consider next week. "Manufacturing may be weakening, but the consumer sector remains as firm as ever. Rising wages and employment mean households have the confidence and the cash flow to keep spending. It also means that the Fed will stick with its "mid-cycle adjustment" line when cutting rates 25bp next week," analysts at ING Bank argued.
DJIA levels
Technically, the index may struggle from here is obeying the bearish doji candle formation through the 27200s target. On the flip side, the 200-DMA is located at 25708 below the 21-DMA that sits just above the pivot. Further below lies the May and Jun lows in the 24700s as a double-bottom target.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
