News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • US Dollar Outlook: DXY Whipsaws as Fed's Powell Stays Evasive The $USD ripped-then-dipped around the Fed announcement and Powell presser as markets digested a nod to goal progress that is not yet substantial. Now what? Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/28/us-dollar-outlook-dxy-whipsaws-as-fed-powell-stays-evasive.html #Forex #Trading https://t.co/gQjk8BQnH4
  • RT @LeaderMcConnell: Based on a commitment from Leader Schumer to Senators Portman and Sinema that the Portman-Sinema amendment to be filed…
  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:https://t.co/Bwfi4Zybkv https://t.co/BPWtwLnBMU
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY https://t.co/n14cvwLofZ https://t.co/HaPRsGzyxJ
Dow Jones Forecast: Stock Market Hits New High on Moderna Vaccine

Dow Jones Forecast: Stock Market Hits New High on Moderna Vaccine

Rich Dvorak, Analyst

DOW JONES PRICE OUTLOOK: STOCKS SURGE TO NEW RECORD HIGHS DRIVEN BY MODERNA VACCINE RESULTS

  • Dow Jones price action surged during Monday’s trading session and closed at a new record high
  • Major stock indices jumped higher largely in response to Moderna coronavirus vaccine results
  • Risk of complacency builds as investors look past COVID-19 hospitalizations, lockdown measures
Advertisement

The Dow Jones just notched a fresh all-time high as stocks soared into the close during Monday’s trading session. DJIA advanced 1.6% on the day and a touch below the psychologically-significant 30,000-price mark. Other popular stock market benchmarks like the S&P 500 and Russell 2000 also printed new records on a closing basis after gaining 1.2% and 2.4% respectively.

The tech-heavy Nasdaq was up 0.6% and remains a laggard month-to-date. Equities pushed higher largely on the back of another set of encouraging coronavirus vaccine results with Moderna reporting a 94.5% efficacy in preventing the spread of COVID-19. While positive vaccine news provides investors with reason to remain upbeat regarding stock market outlook, there is a growing risk of complacency over the short-term.

DJI - DOW JONES PRICE CHART: 2-HOUR TIME FRAME (09 OCT TO 16 NOV 2020)

Dow Jones Price Chart Forecast

Chart by @RichDvorakFX created using TradingView

This is considering state-implemented coronavirus lockdown measures continue to mount as the pandemic accelerates and overwhelms health care systems due to the sheer volume of COVID-19 related hospitalizations and deaths. Coronavirus vaccine news gives hope and investors reason to stay forward-looking, but the near-term threat from more lockdowns and corresponding reduction in economic activity looms large. Also, the DailyFX Economic Calendar details that monthly US retail sales data is scheduled for release Tuesday, 17 November at 13:30 GMT, which could spark a bearish market reaction if the figures disappoint consensus estimates.

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES