Dow Jones notches all-time high
03 November 2021
Dow Jones hit record high amidst concerns of monetary tightening, climbing 0.39% to close the session at 36,053.
Three major US indices edged higher supported by bullish sentiments and strong corporate earnings that eclipsed all worries over FOMC monetary policies which are due to be released on Wednesday.
S&P 500 and Nasdaq 100 also managed to squeeze out gains with the former closing at 4,631 and latter closing at 15,972.
Even though no significant change is expected in the monetary policy, investors are anticipating plans by rate estimating committee to reduce asset purchases. The gains made by Dow Jones on Tuesday were somewhat moderate on account of this anticipation. Technically speaking, Dow Jones still has potential to rise further up, considering the steady gains that it has made since the double bottom configuration that was seen last month in the daily chart.
Meanwhile Australian Dollar (AUD) is advancing towards the 0.7450 mark, whilst maintaining a steady tone. With AUD/USD on the verge of 61.8% Fibonacci, a bullish correction is round the corner. Reducing COVID numbers in Australia gossips about US stimulus packages, downbeat US Treasury yields, and firmer equities all helped AUD to stabilize itself. However, all eyes are on the Fed as investors are expecting tapering measures from Fed Reserve.