Thursday, October 21, 2021

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    U.S. stocks continue to show great strength in early afternoon trading

    In early Thursday afternoon trading, stocks continued to show significant gains, with key averages expanding the strong uptrend seen in the previous session. With continued progress, the key average offset the sell-off seen on Monday.

    In recent trading, the Dow has reached the highest price for the session. Currently, the Dow is up 547.28 points (1.6%) to 34,805.60, the Nasdaq is up 132.51 points (0.9%) to 15,029.36 and the S & P 500 is up 57.23 points (1.3%) to 4,452.87.

    Stocks continue to regain ground after the slump seen earlier this month, which lowered the Dow to its lowest closing price in three months on Tuesday.

    Wall Street’s strength is also brought about as Chinese real estate developers reach a settlement with mainland bondholders, alleviating concerns about Evergrande.

    The People’s Bank of China’s injection of huge amounts of capital into the country’s banking system also eased concerns about potential defaults by Eve Grande.

    Meanwhile, traders have largely ignored reports from the Ministry of Labor that their first claims for US unemployment allowances have increased unexpectedly for the second straight week of the week ending September 18.

    The Ministry of Labor said initial unemployment claims increased to 351,000, up 16,000 from last week’s revised level of 335,000.

    With the rise, unemployed claims were even higher than the pandemic era low of 312,000 set for the week ending September 4.

    The ongoing rebound surprised economists who expected unemployed claims to drop from 332,000, which was first reported last month, to 320,000.

    Traders also continue to digest the Federal Reserve Board’s monetary policy announcement on Wednesday, suggesting that a tapering of asset purchases could come “soon” by the central bank.

    Sector news

    With the Philadelphia Oil Services Index up 4.6%, oil services stocks are performing best on the market today.

    Oil service stocks are rising as crude oil prices soar and November-delivered crude oil soars from $ 1.06 a barrel to $ 73.29.

    There is also considerable strength among bank stocks, as reflected in the 3.7% surge by the KBW Bank Index.

    Airline stocks continue to show significant strength, with the NYSE Arca Airline Index rising 3.1% to its highest daytime level in almost two months.

    Natural gas and computer hardware inventories also rose significantly on the day, but gold inventories are one of the few groups to go against the upward trend as precious metal prices plummet.

    Other markets

    In overseas transactions, stocks market Movements across the Asia-Pacific region almost rose on Thursday, and the Japanese market closed due to a holiday. China’s Shanghai Composite Index rose 0.4% and Hong Kong’s Hang Seng Index rose 1.2%.

    On this day, most European stocks also started to rise. Germany’s DAX index rose 0.9% and France’s CAC 40 index rose 1%, while the UK’s FTSE 100 index receded its upward trend and fell 0.1%.

    In the bond market, government bonds fell sharply during the session. Benchmark 10-year bonds, which move in the opposite direction of price, then hit a two-month daytime high and then rose 6.7 basis points to 1.403 percent.

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    U.S. stocks continue to show great strength in early afternoon trading

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    The post U.S. stocks continue to show great strength in early afternoon trading appeared first on Eminetra.

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