The New York Stock Exchange also keeps its eyes on Washington, where lawmakers are working to avoid a government shutdown.
If approved by lawmakers, the bill will land on President Joe Biden’s desk. Without a funding bill, the federal government will shut down at the end of the week.
New York Stock Exchange
The stock markets are extending Tuesday’s gains. The S&P 500 and Dow Jones Industrial are averaging two-and-a-half-month highsMeanwhile he Nasdaq 100 reaches a peak of three and a half months.
The boost in stocks is due to economic news from the United States that supports speculation on a possible brake by the Federal Reserve and a reduction in inflationary pressures. However, the increase in bond yields is limiting gains in stocks.
The S&P 500 index andis experiencing a rise of 1.9% on Tuesday, responding to the publication of a consumer price index below expectations. The index thus reaches a new peak of 4,508.67 points, marking its highest level since mid-September. Recently, the index surpassed the crucial resistance level signaled by the daily bearish gap on September 21, located between 4,376 and 4,401 points, a significant technical aspect.
Thus, the New York market takes advantage of the solid rebound of the previous day thanks to the encouraging inflation data.
Wall Street: the data that investors analyze
After falling 18 basis points on Tuesday, the 10-year US Treasury yield is rising almost 9 basis points during Wednesday’s session.
The October producer price index, which measures wholesale prices, experienced a drop of 0.5%, thus registering its largest monthly decrease since April 2020. However, not all economic indicators are positiveas retail sales also show a decline.
Wall Street is recovering from a strong session in which both the S&P 500 and Nasdaq had their best day since April. These advances came after the consumer price index remained stable in Octoberdespite expectations of a slight increase, according to the Dow Jones consensus.
Wall Street also keeps its eyes on Washington, where lawmakers are working to avoid a government shutdown. The House of Representatives passed a bill to prevent it, and the measure will now go to a vote in the Senate. If approved by lawmakers, the bill will land on President Joe Biden’s desk. Without a funding bill, the federal government will shut down at the end of the week.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
