The US stock market finished solidly in the Green Thursday, as trade anxiety subsided and investors embraced a risk-on mindset.
The S&P 500 advanced 1.9%, which extended its 2-day bounce to 112 pts, or 4.0%, from its session low Wednesday.
Thursday, President Trump again expressed dissatisfaction with USD’s strength, saying the Fed’s interest rates were harming American manufacturers.
“The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high, making it more difficult for our great manufacturers like Caterpillar, Boeing, John Deere, our car companies, & others, to compete on a level playing field,” Trump said in a series of tweets.
“As your President, one would think that I would be thrilled with our very strong dollar. I am not!” President Trump said in a Tweet.
President Trump’s Tweets mark his latest assault on the Fed and complaints over USD’s value as he wages a long running trade dispute with China.
The President has for months been calling on Fed Chairman Powell and Fed policymakers to lower interest rates to support the US economy.
At the end of July, Fed policymakers cut interest rates for the 1st time since 2008.
The market is betting that more rate cuts are coming in September and December, and the odds at at 100% from some sources.
Thursday, the major US stock market indexes finished at: DJIA+371.12 at 26378.19, NAS Comp +176.33 at 8039.17, S&P 500 +54.11 at 2938.09
Volume: Trade on the NYSE came in at 1.0-B/shares exchanged
- NAS Comp +21.2% YTD
- S&P 500 +17.2% YTD
- Russell 2000 +13.6% YTD
- DJIA +13.1% YTD
HeffX-LTN overall technical outlook for the major US stock indexes is Neutral to Bullish in here.