29 Aug 2013
Wall Street bounces on better than expected US GDP
FXstreet.com (San Francisco) - The US stocks market closed higher on Thursday but away from session highs,. The second positive day was possible as investors' confidence was fueled by better than expected US GDP and Jobless claims and a calmer situation in the Syrian front.
Jobless report posted strong figures in the last week adding the hopes on strong Non Farm payrolls in August. Good news means higher possibilities of the Fed starting its QE tapering in September. So market's gains were limited.
Results above estimates from the US GDP Annualized during the second quarter and decent reading from the weekly report on the labor market are propping up the second consecutive advance in the markets on Thursday. Syria is looming market as investors are concerned on a imminent US action, however, the Oil prices collapsed 1.93% on the day after failing break above the 110.00 dynamic resistance.
The Dow Jones advanced 16.44 points or 0.11% to end the day at 14,840.95. The Nasdaq Composite added 26.95 pts or 0.75% to finish the day at 3,620.30.
The S&P 500 performed its second positive day and extended recovery from the 1,625 dynamic support to close the day at 1,638.17, 3.21 points or 0.20% above opening price. Overall, market is concerned but not in panic as volume remains low in August. Investors are now focusing in September and the FOMC decision on QE, the Nonfarm payrolls August data to be published on Friday Sept. 6th and the emerging markets and China GDP.
Jobless report posted strong figures in the last week adding the hopes on strong Non Farm payrolls in August. Good news means higher possibilities of the Fed starting its QE tapering in September. So market's gains were limited.
Results above estimates from the US GDP Annualized during the second quarter and decent reading from the weekly report on the labor market are propping up the second consecutive advance in the markets on Thursday. Syria is looming market as investors are concerned on a imminent US action, however, the Oil prices collapsed 1.93% on the day after failing break above the 110.00 dynamic resistance.
The Dow Jones advanced 16.44 points or 0.11% to end the day at 14,840.95. The Nasdaq Composite added 26.95 pts or 0.75% to finish the day at 3,620.30.
The S&P 500 performed its second positive day and extended recovery from the 1,625 dynamic support to close the day at 1,638.17, 3.21 points or 0.20% above opening price. Overall, market is concerned but not in panic as volume remains low in August. Investors are now focusing in September and the FOMC decision on QE, the Nonfarm payrolls August data to be published on Friday Sept. 6th and the emerging markets and China GDP.