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It’s been another positive week for stocks in the US and here, with the US Federal Reserve helping stock prices through a pause on its aggressive interest rate rise policy and leaving a message that they could be done with monetary tightening.
US stocks zoomed higher on the back of a double boost to investor confidence following the May jobs report, which could go down as a memorable Goldilocks result!
US stocks zoomed higher on the back of a double boost to investor confidence following the May jobs report, which could go down as a memorable Goldilocks result!
No one should ever be totally sure what issues really rattle Wall Street, such as the current biggest concern, namely, the US debt ceiling wrangling in Washington. Overnight, the signs were positive.
We have a fear versus fear versus fear show going on in that great market determinator called Wall Street, with stocks up overnight big time, despite the latest jobs report coming in better than expected!
We have a fear versus fear versus fear show going on in that great market determinator called Wall Street, with stocks up overnight big time, despite the latest jobs report coming in better than expected!
Let’s start with what Wall Street did this week and overnight, as this will have a big bearing on what happens on Monday on our market. The news is positive, with all the most-watched indexes up on Friday, and the VIX (or fear index) is on the slide to a low 16.31 reading.
It has been a losing week for stocks and Wall Street only just defied this trend at the close on Friday. Part of the negativity is the uninspiring profit story coming out of US reporting season, but who really should be surprised about that, with the Fed turning the thumbscrews on the economy with its aggressive interest rate strategy?
It was a positive week for US and local stocks with the S&P500 up 1.28%, while we added 1.72% with the S&P/ASX 200. Friday brought a bit of negativity but there were some pluses that could be added to the improving inflation story.
Despite the fact that the big three US market indexes ended in positive territory overnight, this is the big question for investors right now: just how bad is this banking crisis?
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