The trend is on an upward swing for indices after the mini-crash last week and the bulls are in action.
Though trading volumes were down due to the holiday week, the USA500 [S&P 500 ] is seeing record highs this week with yesterday’s slight gains taking the index to a record close of 2,072, up another 0.38% on the week’s gains of 110 points. The USA30 [Dow Jones] also shifted back to its upward trend reaching as high as 17,926.
The impetus for the bullish scenario is partly due to the Federal Reserve holding back on their decision to raise interest rates for another 2 meetings, according to Janet Yellen.
In the meantime, energy companies, though not achieving the full highs of their host indices, were able to rise on the momentum of the exchanges, with ExxonMobil opening the day on 90.70 and closing on 93.38, whilst the tech companies rallied well: Intel Corp (INTEL) rose 2.3% to $37.21, providing the largest enhancement to the Dow, while IBM (IBM) rose 1.8% to $161.44 and Cisco Systems (CISCO) rose 1.6% to $28.22.
MT4 chart: USA500
MT4 chart: USA30
MT chart: Intel
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