Monday, October 18, 2021

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    U.S. stocks are showing strong upward movement

    Stocks showed strong upward movements during trading on Tuesday after a sharp fall in the previous session. All major averages showed a strong rise on the day.

    The key average fell to a high when it entered the closing price, but remained strong. The Dow rose 311.75 points (0.9%) to 34,314.67, the Nasdaq rose 178.35 points (1.3%) to 14,433.83, and the S & P500 rose 45.26 points (1.1%) to 4,345.72.

    The rally on Wall Street came when traders sought to pick up stock at a reduced level, following the sold-out seen on Monday.

    The technology-intensive Nasdaq ended yesterday’s session with the lowest closing price in more than three months, while the S & P 500 fell to a closing price of more than two months.

    Concerns over inflation and the Federal Reserve curtailing asset purchases weighed heavily market With the increase in Treasury yields.

    In addition to positive sentiment, the Institute for Supply Management released a report in September showing that activity in the US services sector grew at a slightly faster pace than expected.

    According to ISM, the PMI of services rose from 61.7 in August to 61.9 in September, with numbers above 50 indicating growth in the services sector. Economists expected the index to drop to 60.0.

    Anthony Nieves, Chairman of the ISM Services Business Investigation Commission, said:

    “But ongoing challenges in labor, logistics and materials are affecting supply continuity,” he added.

    Another report released by the Commerce Department showed that the US trade deficit widened far more than expected in August.

    The Commerce Department said the trade deficit widened from the revised July 70.3 billion dollars to 73.3 billion dollars. Economists expected the trade deficit to increase from $ 70.1 billion, which was first reported last month, to $ 70.5 billion.

    The trade deficit widened as imports increased 1.4% to $ 287 billion and exports increased 0.5% to $ 213.7 billion.

    On the day, the stock price of the securities company rose sharply, and the NYSE Arca Broker / Dealer Index rose 2.2%.

    Transport stocks also showed great power, as evidenced by the 1.8% increase in the Dow Jones Transportation Average.

    Software, semiconductors and banking stocks also showed considerable strength that day, rising alongside most other major sectors.

    Other markets

    In overseas trading, the stock market in the Asia-Pacific region fell sharply on Tuesday. Japan’s Nikkei Stock Average fell 2.2%, while South Korea’s Kospi fell 1.9%.

    Meanwhile, major European markets moved upwards that day. France’s CAC 40 index rose 1.5%, Germany’s DAX index rose 1.1%, and the UK’s FTSE 100 index rose 0.9%.

    In the bond market, government bonds fell sharply during the session. Since then, yields on benchmark 10-year bonds, which move in the opposite direction of price, have risen 4.8 basis points to 1.529%.

    Future outlook

    Transactions on Wednesday may be affected by the reaction to the September report by payroll firm ADP on private sector employment.

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    U.S. stocks are showing strong upward movement

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