US stock market rebounds on strong sales hopes

November 27, 2018

By IFCMarkets

Dollar strengthening slows

US stocks recovered on Monday on expectations of strong sales in the holiday season. The S&P 500 rose 1.6% to 2673.45. Dow Jones industrial gained 1.5% to 24640.24. The Nasdaq composite index rallied 2.1% to 7081.85. The dollar strengthening slowed: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.1% to 97.03 but is lower currently. Futures on three main US stock indices indicate mixed openings today.

DAX 30 still ahead of European indices

European stocks extended gains on Monday helped by reports Italian government is considering a lower deficit of 2%, down from 2.4% in its budget plan submitted to the European Union. Both EUR/USD and GBP/USD slowed their slide and are currently lower. The Stoxx Europe 600 index gained 1.2%. The DAX 30 rallied 1.5% to 11354.72 and France’s CAC 40 added 1%. UK’s FTSE 100 rose 1.2% to 7000.

DE30  retracing higher below MA(200) Market Overview IFC Markets chart

Australian stocks lead Asian indices gains

Asian stock indices are mostly higher today in cautious trading as investors await Trump- Xi Jinping meeting at G-20 summit this week. Nikkei rose 0.6% to 21952.40 helped by yen sharp decline against the dollar. Chinese shares are lower after President Trump’s comment he expects to move ahead with boosting tariff levels on $200 billion of Chinese goods to 25%: the Shanghai Composite Index is down 0.04% and Hong Kong’s Hang Seng Index is 0.2% lower. Australia’s All Ordinaries Index rebounded 1% despite resumed Australian dollar climb against the greenback.

Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.

Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter

Brent down

Brent futures prices are edging lower today on data showing record Saudi Arabian crude oil production. Prices ended higher yesterday on report about a possible meeting of Russian and Saudi oil officials this week to discuss output cut agreement: January Brent crude jumped 2.9% to $60.48 a barrel on Monday.

Market Analysis provided by IFCMarkets

This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.