Wall Street holds to gains ahead of Brexit vote
- US stock turn higher, on its way for the third consecutive daily gain.
- Traders await another crucial Brexit vote.
- US data and crude oil boost equity price.
In Wall Street, equity prices are higher on Wednesday for the third-day in-a-row. The Dow Jones is up by 0.65% while the Nasdaq gains 1%. In Europe, markets rose modestly after the Brexit vote and ahead of another one.
In the UK, MPs are discussing about Brexit before a no-deal vote. If rejected, tomorrow they are expected to vote on an extension of Article 50. The uncertainty around Brexit had no negative impact on Wall Street over the current week.
A better-than-expected report on US durable goods orders eased concerns about the economy and offered support to equity prices. Inflation information released today came in line with expectations, showing an increase in the PPI of 0.1% in February, against market consensus of a 0.2% rise. Also, the ongoing rally in crude oil prices contributes to the move higher in Wall Street. The WTI is up by more than 2%, above $58.00.
Among majors, the pound is the top performer ahead of the Brexit vote and has recovered most of Tuesday’s losses. Gold is up by $8, holding at the highest in almost 2-weeks at $1308/oz.
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
