Wall Street braces for a storm of news next week
Next week, the US stock market is going to be bombarded with news, thus giving market participants plenty to trade on, because earning kick into high gear as well as more than a dozen major banks are expected to hold their monetary policy gatherings.
The S&P 500 index surged 9.86 points to a new record close of 2,175.03. Then, for the week, the large-cap index edged up 0.6%. The Dow Jones Industrial Average earned up to 53.62 points to conclude at 18,570.85, adding approximately 0.3% for the week. Additionally, the Nasdaq Composite Index rose 26.26 points, closing at 5,100.16, thus finishing the week 1.4% higher.
The S&P 500 closed higher 2,135, a value where there had been a lot of resistance before, suggesting that the market has the breadth to push to 2,400, as chief technical strategist of BTIG, Katie Stockton, states.
As for the market’s upside momentum, it has been partly driven by better-than-anticipated earnings.
Gold struggles close to 3-week minimum with Fed in focus
On Monday, gold prices extended its losses from the previous trading session in Europe, holding close to a three-week minimum as the American dollar hovered at a more than four-month peak amid renewed hopes for a Fed rate lift later in 2016.
In New York, August delivery gold futures dipped to a session minimum of $1,313.10 per troy ounce, just above a three-week minimum of $1,310.70.
On Friday, prices dipped 0.57%, as renewed hopes for a Fed rate lift later this year backed the greenback and traders looked to buy into soaring equity markets rather than buying safe-haven assets.
The previous week the number one precious metal dropped 0.26%, the second weekly sink in a row.
A recent string of better than expected American data reignited rumors that the Fed is about to lift interest rates before the end of 2016. Currently, interest rate futures are pricing in a 45% chance of a rate lift by December, compared with less than 20% last week and up from 9% at the beginning of this month.