|Day's range||28,028.32 - 28,290.73|
|52-week range||21,712.53 - 28,290.73|
Based on the early price action and the current price at 28129, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session on Friday is likely to be determined by trader reaction to yesterday’s close at 28131.
(Bloomberg) -- U.S. stocks ended a tumultuous session higher with major benchmarks notching records as investors attempted to assess the contours of a partial deal reached between the U.S. and China.Stocks swung between gains and losses throughout the day, while Treasuries surged as neither side delivered enough details to calm investors who sent shares to records Thursday on reports fresh tariffs due Sunday have been averted.President Donald Trump confirmed as much Friday, but it remained unclear whether China agreed to enough agricultural purchases or if the U.S. had planned to roll back some existing tariffs.The S&P 500 eked out a gain, rising for the ninth week out of the last 10, after Trump signaled he’d cut in half the tariffs that took hold in September. The U.S. will maintain levies that began in the spring. The 10-year Treasury yield fell below 1.82%.“Both sides now seem to be negotiating in public,” Matt Maley, an equity strategist at Miller Tabak & Co., said. “The uncertainty makes it impossible to make concrete investment decisions. These negotiations have turned into a circus.”The dollar was steady against major peers after U.S. retail sales data fell short of estimates. West Texas crude and gold advanced.The fresh trade headlines overshadowed the U.K. election that puts the country on track to leave the European Union next month. The FTSE 100 index rose more than 1% and the pound surged.These are the main moves in markets:StocksThe S&P 500 Index rose 0.01% at 4 p.m. New York time.The Nasdaq 100 added 0.2%.The Stoxx Europe 600 Index advanced 1.1%.The U.K.‘s FTSE 100 Index rose 1.1%.The MSCI Asia Pacific Index gained 1.6%.CurrenciesThe Bloomberg Dollar Spot Index was flat.The British pound increased 1.3% to $1.3338.The euro dropped 0.1% at $1.1114.The Japanese yen was steady at 109.31 per dollar.BondsThe yield on 10-year Treasuries fell seven basis points to 1.82%.The two-year yield fell six basis points to 1.60%.Germany’s 10-year yield lost one basis point to -0.279%.Britain’s 10-year yield gained three basis points to 0.845%.CommoditiesWest Texas Intermediate crude advanced 1.3% to $59.97 a barrel.Gold futures rose 0.6% to $1,480.70 an ounce.\--With assistance from Cormac Mullen.To contact the reporters on this story: Luke Kawa in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Jeremy HerronFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The benchmark jumped as much as 0.5 per cent to a record intraday high as Chinese trade negotiators conducted a press conference in Beijing, revealing the developments they said were designed to boost confidence in global markets. The Nasdaq Composite finished 0.2 per cent higher, while the Dow Jones Industrial Averaged gained just 0.01 per cent. The two gauges both notched up intraday record highs, but only the tech-heavy Nasdaq managed to register a new peak closing level. after President Donald Trump tweeted that a trade deal with China was “VERY close”.
Based on the early price action and the current price at 28044, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 28069.
Stocks resurged Thursday afternoon after Bloomberg reported that U.S. negotiators had reached terms of a phase one trade deal that now awaits approval from President Donald Trump
The first short-term range is 28197 to 27312. Its 50% level or pivot at 27755 is support. It’s also controlling the near-term direction of the Dow. The range for the week is 28047 to 27726. Its 50% level is 27887. Aggressive traders may want to use this level as guidance.
Fed Chairman Jerome Powell said Wednesday that the Fed could "adjust the details" of its balance sheet policies and repo operations to prevent another flare-up in money markets.
The Federal Reserve held interest rates steady on Wednesday and messaged that it could continue to maintain rates where they are through 2020.
Trading slows ahead of the FOMC announcement due Wednesday afternoon. No change in policy is expected but the committee’s outlook on inflation could move the market.
U.S. stocks were higher and Treasury yields declined Wednesday following Federal Reserve’s final monetary policy decision of the year. In this, central bank officials decided to keep key interest rates at current levels and telegraphed rates would remain on hold through next year.
US stocks closed within a whisker of record highs, buoyed on Wednesday by the Federal Reserve’s confidence in the labour market and the central bank’s projection interest rates would remain on hold through 2020. The outlook helped steady investors’ nerves, which have been tested this week by concerns the US and China may struggle to agree a phase one trade deal that would prevent a new round of tariffs on Chinese imports being imposed on December 15. The Nasdaq Composite added 0.4 per cent and the Dow Jones Industrial Average advanced 0.1 per cent.
The Federal Reserve left its policy rate unchanged at 1.5-1.75 per cent and indicated without dissent that it had no plans to make any more changes in 2020. After a two-day meeting in Washington on Wednesday, policymakers’ predictions for the likely path of the Fed’s policy rate showed a decisive shift toward a more accommodative stance over the next three years. In September, when the Fed last published its predictions, the median policy rate proposed for 2022 by participants in the Fed’s Open Market Committee was 2.4 per cent. That has dropped to 2.1 per cent.
Based on the early price action and the current price at 27869, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Tuesday is likely to be determined by trader reaction to the pivot at 27755.