Wednesday, March 16, 2011

Daily Dow Jones Continues Its Bottoming Process With The Hammer-Liked Candle Formation And The Reversal In Slow Stochastics 16-03-2011

Wall Street escaped a brutal sell-off, paring losses as Japanese officials made progress stabilizing damaged nuclear reactors and the Federal Reserve said the economy is improving.

U.S. stocks escaped the brunt of a global sell off that sent Tokyo shares to their worst two-day decline since 1987, paring losses as Japanese officials made progress in stabilizing damaged nuclear reactors and the Federal Reserve said the American economy is improving. The Standard & Poor’s 500 Index fell 1.1% to 1,281.87. The Dow Jones Industrial Average fell almost 300 points intraday before slid 137.74 points (1.2%) to 11,855.42 amid fears the disaster in the 3rd largest economy, Japan would cripple the global economy.

Federal Reserve policy makers said U.S. growth is becoming more durable and higher energy prices will have a temporary effect on inflation as they affirmed plans to buy US$600 billion of Treasuries through June. The Fed kept interest rates unchanged, as widely expected, and gave no indication what its next policy move will be after finishing the asset purchases.

U.S. imports prices rose 1.4% in February, continuing a five-month trend of monthly increases greater than 1.0%. On a year on year (yoy) basis, import prices advanced 6.9%, driven by a 7.0% jump for the index over the past five months. The year-on-year rise in February was the largest 12-month advance since May 10. Higher prices for both fuel and nonfuel import prices contributed to the increase in February and over the past year.

Daily Dow Jones Continues Its Bottoming Process With The Hammer-Liked Candle Formation And The Reversal In Slow Stochastic.
DowJones16-03-2011


Source: StockCharts.com

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