Crude oil prices managed to slightly incline during yesterday’s session amid comments about an OPEC output cap seemed to overshadow the high inventory build up, according to the Department of Energy on Wednesday.
Support is close to the 10-day moving average at 44.76. Resistance is at the late September highs at 47.77.
Momentum has gained momentum as the MACD (moving average convergence divergence) index generated a buy signal. This takes place as the spread (the 12-day
U.S. markets are back on the move higher, trading near their session highs as the lunch hour begins on Wall Street.
Currently, the S&P 500 is trading higher by 0.49%, with the Dow higher by 0.11% and the Nasdaq up by 0.70%.
The financial sector is back in the lead as investors remain excited about the prospects for banks and other financial institutions as the U.S. prepares for a Donald Trump administration.
The consumer discretionary space
U.S. markets are mixed as they come out of the lunch hour, with the battered technology sector taking the lead today as investors take profits from other areas of the market.
Near the end of the lunch hour the S&P 500 is trading near its session low with a loss of 0.31%. The Dow is likewise trading near a session low as it has fallen 0.44%. The Nasdaq is being supported by the gains from technology
As shown by official data released today, the unemployment rate in the UK unexpectedly fell in September, despite the higher than expected increase in the number of applicants for unemployment benefits in October, while wage growth has not met expectations.
The Office for National Statistics said that UK unemployment rate in the three months through September fell to 4.8%, although the forecast said it would remain unchanged at 11-year low of 4.9%.
The US stock market closed Tuesday trading higher due to the strengthening of the oil and gas, telecommunications and utilities sectors.
At the close on the New York Stock Exchange, Dow Jones rose 0.29%, reaching a historic high, S&P 500 index rose 0.75%, and NASDAQ Composite Index rose 1.10%.
The leaders of growth among the Dow Jones index components were the shares of Verizon Communications Inc. (NYSE: VZ), which rose 1.19 p (2.58%), closing
The Dow Jones started the session at record high levels as stocks and futures are further benefiting from Donald Trump’s election victory. Dow Jones registered the biggest gain since December 2011 and jumped to 18,918.68 on opening before slipping back.
Financial stocks helped the rally, with Goldman Sachs and JP Morgan among the biggest gainers. The broader S&P 500 index added 2.16 points to 2,166.61.
Shares in automotive electronics-maker Harman International Industries jumped by a quarter