US30 News

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Last Updated Date: 16 April 2021 @ 6:51 AM (UTC)
*Please note that all the dates are in GMT time zone

Global stocks stood near record highs on Friday after strong U.S. and Chinese economic data cemented expectations of a solid global recovery from the coronavirus-induced slump.

Data from the U.S. overnight was also upbeat, with retail sales rebounding 9.8% in March, pushing the level of sales 17.1% above its pre-pandemic level to a record high. The brightening economic prospects were underscored by other data, including first-time claims for unemployment benefits tumbling last week to the lowest level since March 2020. The U.S. recovery looks really strong. And now that restaurants and hotels, both of which are labour intensive, are reopening, we could see sharp gains in payrolls in coming month. 

Despite strong data, U.S. bond yields dropped, in part driven by Japanese buying, as they have began a new financial year this month. The 10-year U.S. Treasuries yield dropped to 1.529%, a five-week low, on Thursday and last stood at 1.578%, off its 14-month high of 1.776% set at the end of March.

On Wall Street, the S&P500 advanced 1.11% while the tech-heavy Nasdaq Composite added 1.31%, nearing its record peak set in February.

The DOW market is positioned for a drive to new highs. Corrections should hold 33800 to keep bull forces. A push over 33962 will spark fresh buying. Only a close under 33519 or drop under 33652 marks a reversing turn back to lower prices.




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