11 Oct 2013
Sparks of hope contribute to Wall Street’s gains
FXstreet.com (Chicago) – Wall Street soared on sparks of hope after republicans presented a potential solution to the US shutdown. Throughout the week, the bearish sentiment transformed into bullish action that sent Wall Street to print 9-month highs with Thursday’s burst of confidence.
Wednesday was the zero zone moment before all equities started booming on rumors that the shutdown was about to end. After opening the week on a bullish note, the bears impeded further advancements and contributed to Tuesday’s decline. Nonetheless, the opening gap on Thursday indicated higher moods among market participants who changed their risk adverse attitudes for risk taking positions. After recovering key levels towards the end of the journey, Friday was the cherry on top despite no official confirmation of the agreement between republicans and democrats.
On Friday, although no conclusive solution took place, several comments by both parties fueled the positive feeling that the US may be, after all, meet its obligations and honor its financial compromises. Up 0.73%, the Dow surged at the end of the session after retracing from the 15,200 zone. The Nasdaq followed the same rhythm and closed with 0.83% gains at 3791.87 while the S&P500 advanced 0.63% and closed at 1703.2.
On recent news, the White House said to be appreciative of the republican proposal with the possibility of extending the debt-ceiling deadline for 6 more weeks.
Wednesday was the zero zone moment before all equities started booming on rumors that the shutdown was about to end. After opening the week on a bullish note, the bears impeded further advancements and contributed to Tuesday’s decline. Nonetheless, the opening gap on Thursday indicated higher moods among market participants who changed their risk adverse attitudes for risk taking positions. After recovering key levels towards the end of the journey, Friday was the cherry on top despite no official confirmation of the agreement between republicans and democrats.
On Friday, although no conclusive solution took place, several comments by both parties fueled the positive feeling that the US may be, after all, meet its obligations and honor its financial compromises. Up 0.73%, the Dow surged at the end of the session after retracing from the 15,200 zone. The Nasdaq followed the same rhythm and closed with 0.83% gains at 3791.87 while the S&P500 advanced 0.63% and closed at 1703.2.
On recent news, the White House said to be appreciative of the republican proposal with the possibility of extending the debt-ceiling deadline for 6 more weeks.