Positive US economic data drives US market higher

By Trevor Hoey. Published at Mar 31, 2017, in Features

Positive economic data in the way of GDP growth and declining jobless claims contributed to a buoyant overnight performance on Wall Street. Also of assistance was a rebound in the oil price which closed above US$50 per barrel, a significant increase of 1.7%.

Aside from energy stocks, the IT sector also made a robust contribution. The NASDAQ increased nearly 0.3% to close at 5914 points, an all-time high.

The Dow was also up 0.3%, closing at 20,728 points.

There was mixed sentiment in Europe as the Brexit process officially commenced with the triggering of Article 50.

While the FTSE 100 trended downwards for most of the day, a late rally saw it finish at 7369 points, broadly in line with the previous day’s close.

Sentiment in mainland Europe was much more upbeat with the DAX up nearly 0.5% to 12,256 points. A weakening in the Euro contributed to support for stocks in Germany, as its economy is largely driven by the export of domestically manufactured goods.

The Paris CAC 40 increased 0.4% to close at 5089 points, a level it hadn’t made since August 2015.

On the commodities front, oil dominated trading, while gold fell 0.9% to US$1246 per ounce as the relevance of its safe haven appeal softened.

Most base metals made marginal gains without delivering any standout performances.

Iron ore was down slightly at US$81.78 per tonne.

The Australian dollar is fetching US$0.764.

It should be noted that broker projections and price targets are only estimates and may not be met. Also, historical data in terms of earnings performance and/or share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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