During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
US equities are backed by tech shares
On Tuesday, American equities bounced off having dipped nearly 2% in each of the last two days, underpinned by leaps in the technology sector as well as a rebound in some bellwether shares such as J&J and Boeing.
However, the key focus is on the key US financial institution that starts its two-day monetary policy gathering against the backdrop of a host of calls, including from the country’s leader, to cease its tightening cycle or risk harming the American or the world’s economy.
With a widely anticipated fourth rate lift for the year on Wednesday, the worst performing S&P sector in December, financials managed to head north by 0.50%.
The S&P 500 went down by 12% below its record maximum, thus finding itself in correction territory. It concluded Monday at a 14-month minimum. It has struggled to hold onto profits in a particularly weavering December in the face of fears about global surge, interest rates, to say nothing of the China-US trade conflict.
9 of the 11 key S&P sectors jumped. The greatest lift to the market was provided by the recently beaten-down technology index – it shot up about 1.47%.
A dividend lift along with a higher share repurchase program assisted Boeing Co to snap a three-day losing marathon to inch up by 4%. As a matter of fact, the stock turned out to be the greatest push to Dow Industrials.
Other soaring marquee equities included Amazon, Apple, and Facebook. They managed to ascend by 2%-4%. They appeared to be the biggest gainers to the Nasdaq and the S&P.
The Dow Jones Industrial Average surged by 1.19% ending up with 23,874.54. As for the S&P 500, it managed to leap by 0.84% showing 2,567.45, while the Nasdaq Composite gained 1.18% being worth 6,833.65.
More tariffs were introduced
Yesterday, the US Justice Department announced a broad antitrust review ...
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.