Dow Jones gains 95 points, As Fed signals a slowdown in rate hikes
Since the Fed’s last meeting on Nov. 1-2, investors have been more optimistic that price pressures have started to ease, meaning smaller rate hikes could curtail inflation.
Wall Street’s main indexes ended Wednesday with solid gains after the Federal Reserve’s November meeting minutes showed interest rate hikes may slow soon.
A “substantial majority” of policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes, the minutes showed.
Wall Street’s main indexes ended Wednesday with solid gains after the Federal Reserve’s November meeting minutes showed interest rate hikes may slow soon.
The Dow Jones Industrial Average (.DJI) rose 95.96 points
Trading volume was thin ahead of the Thanksgiving holiday on Thursday, with the U.S. stock market open for a half-session on Friday.
Earlier on Wednesday, a mixed bag of economic data led to a drop in yield on the benchmark 10-year Treasury note helping drive stocks up.
The number of Americans filing new claims for unemployment benefits rose more than expected last week and U.S. business activity contracted for a fifth straight month in November. Consumer sentiment ticked higher and home sales rose above expectations.
DOW JONES INDEX TECHNICAL ANALYSIS:
DAILY CHART:
In daily chart, DOW JONES is moving in up channel
It is currently moving above all MA
RSI is in the overbought zone which suggests a bearishness sign.
Its immediate resistance is at 34713 and its immediate support level is at 34214
HOW TO TRADE S&P INDEX IN THIS WEEK
DOW JONES is moving in an up channel, breaking the previous day’s high, if it breaks it immediate resistance and sustains on it then the market will continue to trade up, and remain bullish on it.
