The Dow Jones Industrial Average has shed a heap of points on Thursday in New York, not taking the news of lower first-time jobless claims and a higher estimate for Q3 US GDP.
Chinese stocks did some nice outperforming early in the trading day, after the Hang Seng Index surged nearly 3% yesterday on the promise of bold new growth initiatives and some easing of geopolitical angst, probably thanks to Our Penny.
Alibaba (BABA) rose nearly 1%.
The day on Wall Street began with a little positivity but not a heap of momentum after stocks gained for a second session, thanks largely to the outstanding quarterly numbers out of both – best in show – Nike and FedEx.
Tony Sycamore at IG told me that those are the kind of results which ease recession fears.
The two-day rally on Wall Street eases fears that markets could repeat the sharp sell-off viewed the week before Christmas December 2018. However, the S&P500 needs to reclaim resistance at 3910/20 and then see a sustained break above the 4100/4110 resistance zone to negate downside risks.
Also doing its bit – a stronger-than-expected consumer confidence print (108.3 vs 101 exp) which lifted to its highest level since April.
There’s also a little extra love today for Tesla (TSLA) shareholders, with chief money bags architect Elon Musk saying he’s a done deal as CEO of Twitter (TWTR). The electric-vehicle giant has dropped more than 3%, almost 5% by USD volume.
Musk confirmed…
