- DJIA, ended with a gain of 227.8 points, or 0.85%, to reach 27,088.
- The S&P 500 index closed in a bit shy of 3,000 with +6.84 points gain.
- The Nasdaq bucked the trend despite marking the intraday high with a closing loss of 6.49 points to 8,196.
Despite the US inflation numbers pouring cold water on the Fed’s easing bias, markets remain attentive to the Fedspeak on Thursday. However, equity bulls seem to have retracted their buying bets amid fear of the beginning of the new easing cycle, taking clues from the global central banks. As a result, an initial rally in stocks couldn’t last until the end.
Details suggest, the Dow Jones Industrial Average, DJIA, gained 227.88 points, or 0.85%, to 27,088.08, while the Nasdaq Composite lost 0.08%, to 8,196.04. The S&P 500 index finished 6.84 points higher at 2,999.91 a gain of 0.23%.
Some of the notable Fed policymakers like Federal Reserve Bank of New York President John Williams and Federal Reserve Governor Randal Quarles held their easing bias intact while offering additional back up to the Fed Chair Powell’s second-day Testimony.
On the trade front, the US President Donald Trump again took on his Twitter to criticize China’s latest turnaround from the US farm productions, offering another barrier to tackle during the on-going trade talks.
Treasury yields were on the spike with the US 10-year treasury yield gaining nearly 8 basis points to 2.143% by the press time.
Today’s US Producers’ Price Index (PPI) and the on-going slew of comments from the US Federal Reserve policymakers can keep entertaining global investors on Friday.
DJIA levels
While sellers aim for the 24,800 recent swing bottoms, 127.2% Fibonacci extension around 28,500 can flash on the bull’s radar.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.