Wall Street: Clear Skies Ahead for the US Economy
Wall Street has promising predictions for the market as they see clearer skies ahead and another week of gains – the fourth consecutive to be exact. This predication was based on the stock index performance that set out a good start at the beginning of the holiday season.
As of the month of December, stocks are rallying strong with S&P 500 up at 5%. This is considered to be an all year high. Some traders are expecting and are hoping to see the year end with even better numbers. Some on the other hand are more skeptic and think that stock are over-bought and predict that profit-taking will most likely happen.
According to Andre Bakhos, the director of market analytics at the Lek Securities, New York, the limited number of investor participation will not hinder the market from ending the year right and that it would take quite a lot of movement and changes to stop that upward momentum.
The S&P 500 went up with a good 5.7 points which is quite above the normal values. This formula evaluates pricing by making use of interest rates, dividends, and expiration time of the contract. The Dow Jones Industrial average futures on the other hand gained 37 points and Nasdaq 100 fell by 1.
The market is set to be closed this Friday in observance of the Christmas holidays.
Speaking about the holidays, a strong spending season is expected to happen this coming Christmas. Online sales in the Unites States alone have reached $27.5 billion, which is up 12 percent compared to the online spending values the year before.
But in spite of all the good news, investors were also not spared from the possible instability that could be caused by tensions in the Korean Peninsula after firing drills made by South Korea set off the tension.
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Wall Street: Clear Skies Ahead for the US Economy
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