Tuesday, May 10, 2011

Dow Jones Is Consolidating Upwards Within The Short Term And Long Term Uptrend Channel, 10-05-2011

Wall Street Recap: Dow recovers 46 points after last week’s 1.3% drop
Despite a 1.7% plunge in Europe’s Stoxx 60 on mounting concerns over Greece’s debt burden following the Standard & Poor’s rating cut, the Dow closed higher for a 2nd session (+46 pts to 12685), as commodities rebounded from last week’s collapse. Sentiment was also boosted by positive McDonald’s April global sales.

On the economic front, Goldman Sachs and Morgan Stanley lowered their forecasts for U.S 2011 GDP numbers amid signs of slowing momentum in economic growth, rising gasoline prices, and fiscal tightening. Goldman slashed its GDP forecast to 3-3.5% from 3.5-4% while Morgan Stanley cut its forecast to 3.3% from 3.6% earlier.

Dow Jones Is Consolidating Upwards Within The Short Term And Long Term Uptrend Channel.
DowJones10-05-2011


Source: HLeBroking

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