“The Fed is absolutely supportive, Chairman Powell stresses it has got the market’s back, they are there” — Paul Ebeling
Given the choice between a broad package of economic aid/relief/stimulus and targeted Fed liquidity support, Wall Street prefers liquidity, due to its benefits for asset prices.
In a wk when almost everyone in the country was focused on the Presidential election outcome, traders kept their eyes and ears trained on Fed Chairman Powell, who showed no sign of turning off the money tap after policy makers held interest rates near Zero and signaled their readiness to provide further support.
Friday, the benchmark US stock market indexes finished at: DJIA -66.78 to 28323.34, NAS Comp +4.30 at 11895.16, S&P -1.01 to 3509.58
Volume: Trade on the NYSE came in at 926-M/shares exchanged
HeffX-LTN’s overall technical analysis of the US stock market indexes is Bullish with a Very Bullish bias for the wk ending 6 November 2020.
- NAS Comp +32.6% YTD
- S&P 500 +8.6% YTD
- DJIA -0.8% YTD
- Russell 2000 -1.5% YTD
Looking Ahead: Investors will not receive any notable economic data Monday
Have a healthy weekend, Keep the Faith!