The US stock market finished mixed Thursday, as investors weighed the resiliency of the US consumer Vs growth concerns.
The S&P 500 (+0.3%) and DJIA(+0.4%) finished higher, while the NAS Comp (-0.1%) and Russell 2000 (-0.4%) finished lower.
The overall uncertainty from the US-China trade dispute is high and we also expect some Fed action for recession-fighting to come over the next few weeks and months, as interest rates are headed South to near Zero, Wall Street loves cheap money, DJIA 30,000 is my target. Archive it.
Gold prices rose Thursday on fears over a global economic downturn and lack of clarity on the US-China trade front kept the safe haven precious Yellow metal comfortably above the key $1,500 oz mark.
- Spot gold finished up 0.4% at $1,521.47 oz by 13:42p EDT (1742 GMT),
- US gold futures finished up 0.2% at $1,531.20.
Considered a safe store of value during times of political and economic uncertainty, gold has gained more than $100 oz since the beginning of the month.
Although gold prices look like they are overshooting, it has not been a good idea in the past to bet that this rally that began last December is going to come to a halt any time soon according BoAML’s Chief FICC Technical Strategist Paul Ciana
US stocks moved higher, driven by a surge in July retail sales that soothed some nerves frayed by an inversion in the government bond yield curve once a reliable signal of a coming recession.
Thursday, the major US stock market indexes finished at: DJIA +99.97 at 25579.37, NAS Comp -7.32 at 7766.63, S&P 500 +7.00 at 2847.60
Volume: Trade on the NYSE came in at 876-M/shares exchanged
- NAS Comp +17.1% YTD
- S&P 500 +13.6% YTD
- DJIA +9.7% YTD
- Russell 2000 +8.4% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral in here, as stocks are very oversold.
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