Wall Street sees record higher, 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%.

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.

Share: Feed news

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.