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Positive US economic data drives US market higher

Published 31-MAR-2017 12:36 P.M.


1 minute read

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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.

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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