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Global financial markets positively closed the U. S. trading session. U. S. shares surged while currencies fluctated over risk sentiment, with the exception of the U. S. dollar, which uniqely performed.
Economic Data
There was hardly any economic data impacting price movements in the US period, but the markets are awaiting any Fed’s fiscal policy changes Wednesday, as well as Non-Farm Employment Change Index, Friday.
on Tuesday, the Flash Index reading for October is 105.4, down from the September reading of 106.0. This puts the Flash Index’s measure of the Illinois economy at its lowest point since six-tenths of a point from September, sending the economic indicator to its lowest point since the May reading of 105.3.
Any reading above 100 on the Flash Index indicates economic growth, so the state’s economy is still growing, only at a slower pace.
Other Developments
Wall Street gains, Tuesday, touched record highs, helped by strong earnings. Major indexes rose to record highs on the back of strong corporate earnings.
The U. S. seasons continued to lift sentiment for equities, while investors await a critical Federal Reserve meeting.
The S&P 500 and Nasdaq notched record closing highs for a fourth successive session, while the Dow Jones Industrial Average posted its third successive high close and ended above 36,000 for the first time.
Pfizer shares rose 4.1% after the drugmaker said it expected 2021 sales of the COVID-19 vaccine it developed with German partner BioNTech to reach $36 billion.
Q3 earnings have come in better-than-expected for U.S. companies as the economy continues to bounce back from the coronavirus pandemic. With some 320 companies having reported so far, S&P 500 earnings are expected to have climbed 40.2% in 2020.
The Fed on Wednesday is expected to approve plans to scale back its $120 billion monthly bond-buying program put in place to help the economy during the pandemic. Investors will also be focused on commentary about interest rates and how sustained the recent surge in inflation is.
Also Read:
Wall Street gains touch record highs
With Fed tapering expected, investors eye rate hikes
How will Wednesday Fed’s Meeting Impact the markets?
Dow Futures Surge as Tesla Impacted by Elon Musk’s Tweet
Vehicle Shortage Puts Global Economy at Risk
