Wall Street sees record highs, S&P cracks the 3000 mark, DJIA adds 244 points

DJIA added 244.02 points, or 0.90%, at 27,332.10.
The S&P 500 index added 13.83 points, or 0.46%, at 3,013.75.
The Nasdaq Composite index COMP ended 48.10 points higher at 8,244.14, a gain of 0.59%.

Ross J Burland FXStreet

U.S. stocks rallied in late trade to mark fresh records. All three major indexes closed at record highs on Friday, with the S&P 500 finally getting through the 3000 psychological level, ending 48.10 points higher at 8,244.14, a gain of 0.59%. The DJIA added 244.02 points, or 0.90%, at 27,332.10. The S&P 500 index added 13.83 points, or 0.46%, at 3,013.75. The Nasdaq Composite index COMP ended 48.10 points higher at 8,244.14, a gain of 0.59%.

Investors banked on the likelihood of a rate cut at the Federal Reserve’s July meeting following what appeared to be a rubber stamp sealed on the matter by Federal Reserve Powells two-day congressional testimony and various Fed speakers this week. As for corporate's the key focus has been on Facebook Inc. The shares of the tech giant were sunk on the back of a report that the Federal Trade Commission voted to impose a record $5 billion fine on the company. This also followed Thursday evening's criticism from the U.S President Trump following the company’s planned virtual currency project, Libra.

Looking ahead, it will be U.S. corporate earnings reporting season again with a slew of big banks set to kick off the festivities. At the same time, with the Federal Reserve interest rate decision taking place this month, ears will be to the ground for further speeches from Fed Chair Powell and NY Fed President Williams which are expected to further solidify the case for a 25bp cut. There will also be further remarks by voters Evans, Rosengren and Bullard. As for data, retail sales will be keenly eyed.

DJIA levels

On the downside, there are three distinct Fibo' targets with the confluence of stop territories. The 23.6% retracement of the 3rd June low to 12th July recently printed high falls in at 26706 which meets April 23rd and 1st May double-top highs. The 38.2% retracement of the same range falls in at 26324 and meets 25th Feb and 11th June highs. The 50% meets the 3rd Dec spike high and mid-June lows. On the upside, the 28500s come into play.

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.

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