Wednesday, May 11, 2011

Daily Dow Jones Is Consolidating Upwards With Immediate Targets At 13000, 11-05-2011

Wall Street extended its rally to a third day as investors drew encouragement from Microsoft's $8.5 billion acquisition of Skype Technologies and strong wholesale inventories data. Reports that Greece are in line to secure a new €60 billion aid package - possibly reducing the chances of default - buoyed sentiment while the strong trade data out of China yesterday helped boost optimism about the health of the global economy. The Dow Jones Industrial Average rallied 75.68 points, or 0.6%, to 12,760.36. The S&P 500 jumped 10.87 points, or 0.8%, to 1357.16.

U.S. Fed Chairman Ben S. Bernanke’s US$600 billion strike against deflation is paying off, as stock and debt markets rise, bank lending grows and economists forecast faster growth. The Standard & Poor’s 500 Index has gained 13.5% since the Federal Reserve chairman announced on 3 November the plan to buy Treasuries through its so-called quantitative easing policy. Government bond yields show investors expect consumer prices to rise in line with historical averages. The riskiest companies are obtaining credit at the cheapest borrowing costs ever and Fed data show that commercial and industrial loans outstanding are rising for the first time since 2008.

Daily Dow Jones Is Consolidating Upwards With Immediate Targets At 13000.
DowJones11-05-2011


Source: StockCharts.com

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
 
Business