TECHNICAL ANALYSIS

US stocks open higher on hope for a more stimulating / accommodating Fed


The case of bad news is good news

US stocks are opening higher on hopes of more fiscal stimulus and a prolonged accommodative Fed.

Initial data on jobless claims was much lower today (highest level of claims since August). The market took the news believing that bad news is good news from a fiscal and monetary perspective.

A market snapshot currently shows:

  • S&P Index up 8.0 points or 0.21% to 3818
  • NASDAQ index up 39 points or 0.31% 13,169.50
  • Dow industrial average up 94 points or 0.3% on 31154

in other markets:

  • Spot gold is trading up $ 4.50 or 0.26% to $ 1,850
  • Cash is trading up $ 0.26 or 1.04% $ 25.48
  • WTI crude oil futures are trading down $ 0.28 from -0.53% to $ 52.64
  • Bitcoin on Coinbase is trading from $ 2,200 to $ 39,530. The price is right next to its hefty price tag of $ 39,575.26

US yields fell a few basis points at the start of trading in New York:

  • 2 years 0.143%, unchanged on that day
  • 5 years 0.469%, unchanged on that day
  • 10 years 1.093%, +1.0 basis point. The high yield reaches 1.1155%
  • 30 years 1.825%, +1.0 basis points. The high yield was 1.8492%

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