The major US stock indices are trading to new session highs as they react to weaker employment data and the thought that inflation will come down, growth will be maintained. There may also be a squeeze as managers are still underweight and are forced to get in.
The Dow industrial average is leading the way. UnitedHealth which fell sharply yesterday, is leading the way today with a gain of 2.96%. Microsoft is trading up 2.2% and is closing in on the all-time high of 3 and $49.67. The current price is trading at $344.77. Caterpillar, Boeing, and Chevron are all higher as well.
The S&P index is back above the 4400 level currently trading at 4406, up 33.37 points or 0.76%. That is the highest level since April 21.
The NASDAQ index is now up 92 points or 0.68% at 13719.33. The 61.8% retracement of the move down from the 2021 high is the next major target at 13873.09.
This article was written by Greg Michalowski at www.forexlive.com. Source