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US stocks rose for 5 days, less than 10% from historical highs

January 11, 2019 18:25
source: Glonway

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US stocks closed higher on Thursday and the Dow regained the 24,000 mark. After rising for five consecutive trading days, the Dow and the S&P 500 have both got rid of the callback area, which is less than 10% from their respective historical peaks. Federal Reserve Chairman Powell said he will be patient with the interest rate hike and denied that the US has a risk of recession.

At 16:00 on January 10th, US time (05:00 on January 11th, Beijing time), the Dow rose 122.8 points, or 0.51%, to 24001.92 points; the S&P 500 index rose 11.68 points, or 0.45%, to 2596.64. Point; the Nasdaq rose 28.99 points, or 0.42%, to 6986.07 points.

US stocks opened lower on Thursday, and the S&P 500 index rose for the first time in five consecutive trading days since September 2018.

What is the market driving force?

Investors are closely watching the speeches of Federal Reserve Chairman Jerome Powell and Fed First Vice Chairman Richard Clarida and many other senior Fed officials.

One of the factors driving the recent rise in US stocks is the Fed’s stance on raising interest rates. Federal Reserve announced FOMC on WednesdaycurrencyThe minutes of the policy meeting implied that the future rate hike position was cautious, and several other Fed senior officials’ speeches on Wednesday also supported this view.

Powell reiterated on Thursday that the rate hike policy is not a presupposition, and once again mentioned patience with interest rate hikes, in line with the recent statement of Fed officials. He said that given the current state of inflation data, the Fed has the ability tointerest rateBe patient and show flexibility.

But Powell said "very worried" about the growing US government debt. The final balance sheet size is not yet clear, but the future balance sheet size will be “significantly lower” than current levels.

Powell denied that the United States has a risk of economic recession. He said that the US economy performed very well in 2018. Many indicators show that the labor market is very strong. Financial market concerns over the downside risks are overstated. He said that he did not see signs of an increase in the risk of a recession in the United States.

Investors are still paying close attentioninternational tradeThe progress of the relationship. On Wednesday, Chinese and US officials all announced progress in the three-day trade talks in Beijing, but some observers pointed out that even if the talks progressed smoothly, they still lack specific details. The optimism brought about by the progress of trade negotiations has slowly subsided, and the December consumer price index was announced in China (CPI) and the producer price index (PPIAfterwards, investors are renewed concerns about the slowdown in global economic growth.

The latest China data highlights concerns about a global economic slowdown. China's December CPI was 1.9% year-on-year, the lowest since June 2018. In December, the PPI rose only 0.9% year-on-year, the lowest since September 2016.

Another factor that worries investors is that the US government is partially closed. US President Trump continued to show his tough stance on the issue of building walls after he held a national televised speech on the 8th to emphasize the border crisis and held talks with the leaders of the two parties in Congress on the 9th.

Trump directly asked the Speaker of the House of Representatives Pelosi if the Democratic Party would agree to the cost of building the wall if he let the government "open the door." After being rejected by Pelosi, Trump immediately left and posted on social media that negotiations with the Democratic Party were "wasting time." Trump also said that he may still announce that the United States has entered an emergency to facilitate the construction of the US-Mexico border wall.

This time, some US government departments have stopped working on the 19th day. The longest government in the history of the United States has "stopped" for 21 days. Some analysts said that the long-term "shutdown" not only led to the unemployment or unpaid work of 800,000 government workers, but also the impact on the US economy and people's daily lives.

  Macy's(M) releasedPerformanceEarly warnings have caused investors to worry about the profitability of the company. The company announced that its same-store sales in November and December only increased by 1.1%, while also lowered its earnings and revenue expectations for fiscal year 2018. Macy's fell to a close of 17.7% on Thursday.

  Other market performance

Asian stock markets were mixed on Thursday, with Japan's Nikkei index closing down 1.2% and the Shanghai Composite Index closing down 0.4%.

In European stock markets, the European Pan-European 300 Index closed up 0.2% on Thursday, the UK's FTSE 100 index closed up 0.3% on Thursday, the German DAX index closed up 0.1% on Thursday, and the French CAC index closed down 0.4% on Thursday, Spain The IBEX index closed flat on Thursday.

Gold futures for February delivery on the New York Mercantile Exchange fell $4.60, or 0.4%, to close at $1,284.40 per ounce, and once climbed to $1,298 per ounce. Gold futures so far this week have risen by 0.1%, and the price of gold in the year-to-date has risen by 0.5%.

March silver futures prices fell 9.2 cents, or 0.6%, to close at $15.643 an ounce.

West Texas Intermediate (WTI) futures for February delivery rose 23 cents, or 0.4%, to close at $52.59 a barrel. As of Thursday's close, crude oil futures have recorded a rise of 9 consecutive trading days, as of January 6, 2010Oil priceRecorded the longest consecutive rising record after the 10th consecutive rise.

(Article source: Gloem)

                (Editor: DF378)

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