Thursday, April 28, 2011

Wall Street Outlook: Daily Dow Jones Is Marching Towards Upper Channel Around 12800 - 13000 Zones, 28-04-2011

Wall Street outlook: Dow jumps further after Fed remarks.
Despite a better-than-expected March durable goods report, the Dow traded cautiously in the morning session but leapt +96 points or 0.6% to 12691 after Bernanke said the Fed would continue to reinvest proceeds from maturing securities, adding that there was no specific time frame to tighten interest rates and pickup in inflation is likely temporary.

The comments convinced investors that the Fed would keep its policy easing steady and interest rates accommodative.

The Fed expects the economy to grow 3.1% to 3.3% in 2011 (Jan forecasts: 3.4% to 3.9%) and said it's more optimistic about jobs with the unemployment rate to fall to as low as 8.4% from 8.8% currently.

Daily Dow Jones Is Marching Towards Upper Channel Around 12800 - 13000 Zones.
DowJones28-04-2011


Source: StockCharts.com

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