US stocks rally late to finish at the highs of the day
Read full post at forexlive.com
The argument that rates matter more than economic growth is increasingly compelling for US equities. The terminal Fed rate has come down to 3.5% this week from +4% last week and it’s coincided with a bounce.
Today we got more news suggesting an economic slowdown as the S&P Global US PMIs sank but it didn’t matter to stocks.
- S&P 500 up 36 points, or 0.95%, to 3795
- Nasdaq +1.6%
- Russell 2000 +1.2%
- DJIA +0.6%
Tomorrow will be an important day with the Nasdaq approaching the mid-June ‘gap’ on the chart:
