On Monday, U.S. stocks continued their rally. The Dow Jones Industrial Average jumped 410 points (+1.51%) to 27584, the S&P 500 rose 53 points (+1.61%) to 3351, and the Nasdaq 100 was up 213 points (+1.91%) to 11364.

Nasdaq 100 Index: Daily Chart

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Investors shopped for bargain stocks after the Dow and the S&P 500 fell for four weeks.

Banks (+2.73%), Automobiles & Components (+2.68%) and Insurance (+2.42%) sectors gained the most. Devon Energy (DVN +10.54%), Boeing (BA +6.42%) and Cimarex Energy (XEC +5.93%) were top gainers. Big tech shares – Apple (AAPL +2.39%), Amazon.com (AMZN +2.55%) and Tesla (TSLA +3.40%) – advanced further.

Approximately 57% (55% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 21% (9% in the prior session) were trading above their 20-day moving average.

European stocks were broadly higher. The Stoxx Europe 600 Index jumped 2.22%, Germany’s DAX 30 surged 3.22%, France’s CAC 40 climbed 2.40%, and the U.K.’s FTSE 100 was up 1.46%.

U.S. Treasury prices declined, as the benchmark 10-year Treasury yield edged higher to 0.661%.

Spot gold rebounded $19.00 to $1,881 an ounce.

U.S. WTI crude oil futures (November) settled 0.9% higher at $40.60 a barrel.

On the forex front, the U.S. dollar softened against other major currencies as the ICE Dollar Index slipped 0.33% to 94.26. According to data from the U.S. Commodity Futures Trading Commission, speculative bearish bets against the Dollar Index have reached the highest level since November 2017.

EUR/USD rebounded 0.29% to 1.1666.

The British pound was boosted by optimism about progress in the last leg of trade talks between the U.K. and the European Union. GBP/USD jumped to a high of 1.2930 before retreating to close at 1.2835, up 0.69% on day.

USD/JPY declined to 105.49 from 105.58 last Friday.

Commodity-linked currencies were broadly higher. AUD/USD rose 0.51% to 0.7071 halting a 6-session losing streak. USD/CAD edged down 0.13% to 1.3370.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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