stocks rally on good earnings

Financial weekly News

On Monday 21st October, S&P 500, Dow, and Nasdaq got momentum as S&P 500 amplified by 0.69% or 20.51 point. S&P 500 shut high of 3,025.86 which it has been accomplished back in late July. Dow up by 0.21% or 55.61 points while Nasdaq rose by 0.91% or 73.44 points. 10-year Treasury yield up by 5.3 BPS. Crude oil prices and gold dejected by 0.9% and 0.57% respectively. The U.S. Dollar Index rose by 0.1% to 97.062. The GBP/USD couple fell 0.4% to 1.2912 as Prime Minister Boris Johnson disappointingly failed to success parliamentary assistance for his split pact. Beside the British pound, EUR/USD pair skidded by 0.1% to 1.1160. The USD/CNY pair dealt 0.2% lesser to 7.0678. The AUD/USD and NZD/USD pair grown by 0.1% and 0.2% respectively.

Stocks ended lower Tuesday, The Dow fell after components The Travelers Companies and McDonald’s posted disappointing earnings. Dow fell by 0.13% or 33.91 points. S&P 500 also fell by 0.33% or 10 points. The major downfall was reported by Nasdaq, fell by 0.72%, or 58.69 points. 10-year Treasury yield cut by 2.3 bp to 1.769%. Crude oil prices and gold gained 1.6% and 0.19% respectively. The U.S. dollar index, which measures dollar’s strength against a basket of six major currencies, was flat at 97.030. The U.S. dollar was supported a bit by hope that the U.S. and China are making trade progress. The safe haven Japanese yen was flat, with USD/JPY at 108.55. Sterling tumbled on Tuesday after Prime Minister Boris Johnson confirmed that he would call for a general election if Parliament does not pass his Brexit bill. GBP/USD tumbled 0.3% to 1.2919, while EUR/USD was down 0.1% to 1.1132.

U.S. stocks rose slightly on Wednesday. S&P 500 rose by 0.28%, or 8.53 points. Dow rose by 0.17%, or 45.85 points while Nasdaq rose by 0.19%, or 15.5 points. 10-year Treasury yield exhibits downfall, it fell by 1.1 bps to 1.755%. crude oil prices and gold gained respectively by 2.7% and 0.46%. The British pound was holding steady on Wednesday, Sterling slipped as low as 1.2841 overnight before pulling back to 1.2878. The dollar hit a low of 108.25 against the safe haven Japanese yen weakest since 15th October. The euro was little changed and persist at 1.1122. the Turkish lira gained, with USD/TRY down 0.7% to 5.7633.

The Dow fell Thursday and the S&P 500 and Nasdaq edged up. Amongst S&P 500 and Nasdaq, Nasdaq up by 0.81%, or 66 points. S&P 500 rose by 0.19%, or 5.77 points. Dow fell by 0.11%, or 28.42 points. 10-year Treasury yield gained 1.5 bps to 1.773%. Gold gained by 0.64% and reached to $1,505.30 per ounce. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.2% to 97.407. GBP/USD slumped 0.5% to 1.2851 while EUR/USD was down 0.2% to 1.1107. The safe haven Japanese yen inched up, with USD/JPY falling 0.1% to 108.54.

The U.S. stock market went high as Trump administration said it was making progress on a preliminary trade agreement with China. The report sent the S&P 500 surging above its record closing high. Friday, the S&P 500 rose to as much as 3,027.39, rose by 0.41%, or 12.26 points. Dow rose by 0.57%, or 151.58 points, while Nasdaq 0.7%, or 57.32 points. 10-year Treasury yield rose by 3.2 bps to 1.798%. Crude oil prices and Gold rose by 0.7% and 0.19% respectively. The pound was lower on Friday as confusion over whether or not the U.K. will leave the European Union. GBP/USD slumped 0.3% to 1.2815 while EUR/USD was down 0.2% to 1.1985. TRY/USD remained flat at 0.1735 against the U.S. dollar. The safe-haven Japanese yen was flat with USD/JPY at 108.60. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.2% to 97.558.

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