U.S Stocks Get A Boost As The Case for September Rate Hike Eases
U.S. stocks rose on Monday morning after Atlanta Fed Bank President Dennis Lockhart and his Minneapolis counterpart Neel Kashkari, on separate speeches, stated that there was no “urgency” to take action given the state of the economy.
Adding to the buying pressure was the remarks by Fed Governor Lael Brainard to the Chicago Council on Global Affairs. Ms. Brainard kept her stance as a dovish Fed member by arguing that potential weakness in the labor market and risks of foreign economic downturns cause the U.S economy not to be ready for leaving the its monetary stimulus too quickly.
S&P500 index was up 0.7%, led by 1.21% increase in Telecommunication Services and 1.03% advance in Comsumer Staples.
Buy Stop at 2141.00, Take profit at 2150.30 , Stop loss at 2136.00