The market lost ground on Friday following a flood of economic news and inaction from Congress on developments for a coronavirus relief package. No deal was announced on that front as lawmakers have broken for recess until Labor Day. Despite the flat session, the major indexes posted another winning week and remain on track to test old and new higher highs after advancing their winning streaks...
Continue reading >>Iron ore prices have soared to multi-year highs this week as Chinese government stimulus spurs infrastructure building, boosting prices of the commodity even amid a global pandemic.Spot iron ore prices rose to around $130 a dry metric ton on Tuesday, according to commodity price reporting agency Argus. This is the highest level since 2014.“Stimulatory measures in China and other countries have...
Continue reading >>The market shrugged off disappointing economic news ahead of Thursday’s open while closing mostly higher with the Nasdaq setting its 35th record close for 2020. The small-caps lagged while volatility spiked to its highest level in 7 sessions to keep the broader market gains limited.The Nasdaq tapped an intraday lifetime peak of 11,283 before closing at 11,264 (+1.1%). Fresh resistance at 11,250...
Continue reading >>Gold prices last traded at $2,043 – and could head to $2,500, we believe. All thanks to fallout from the coronavirus, economic fears, tensions with China, central banks pumping liquidity into markets, and fear ahead of U.S. elections. Worse, the International Monetary Fund estimates the global economy could shrink by up to 5% this year, prompting central banks to pump billions into the...
Continue reading >>The market rebounded on Monday to finish mostly higher, with the Nasdaq setting its 33rd record close for the year, despite a congressional stalemate over fresh stimulus to help Americans and businesses hurt by the corona virus pandemic. The S&P 500 came within a 6-pack of its all-time high while the small-caps continue to show signs of another leg higher.The Nasdaq closed at 11,129 (+1%)...
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