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S&P 500, NASDAQ rebound on Wednesday – 11th November

Stock indices in the U.S. rose today, after stuttering on Tuesday, following the all-time highs achieved to begin the week.

This comes, as safe havens once again fell on Wednesday, with Gold reaching an intraday low of $1,855, dropping $53, from the day’s high.

This comes as tech stocks gained, with Netflix, Amazon and Apple Inc, all rising between 1.7% and 2.5%. As of writing the NASDAQ was up 1.88%, the S&P 500 climbed 0.89% to hit its long-term resistance level of 3,588, whilst the Dow was up by 0.28%.

With the dust on the recent elections starting to settle, many now believe we could see further highs to end the week.

ECB Lagarde cautious on vaccine

The Head of the European Central Bank, Christine Lagarde, today gave a speech at the opening of the ECB Forum in Frankfurt, where she stated that markets should remain cautious despite recent news of a potential COVID-19 vaccine.

In her remarks, she stated that, “We are seeing a strong resurgence of the virus and this has introduced a new dynamic, while the latest news on a vaccine looks encouraging, we could still face recurring cycles of accelerating viral spread and tightening restrictions until widespread immunity is achieved”.

The DAX rose briefly by 0.40% on the news, with Euro also strengthening on the news.

RBNZ keeps rates unchanged

The Reserve Bank of New Zealand announced its latest monetary policy actions on Wednesday, and unlike the RBA last week, have opted to keep rates unchanged.

As many had forecasted, the bank decided to keep its cash rate unchanged at 0.25%. Instead of making any changes to rates, the RBNZ instead buoyed markets by agreeing that more stimulus was needed to support the economy.

In a statement following the rate decision, RNBZ officials stated, “The Monetary Policy Committee agreed to provide additional monetary stimulus to the economy in order to meet its consumer price inflation and employment remit”. 

Quote of the day – “Every trader has strengths and weakness. Some are good holders of winners but may hold their losers a little too long. Others may cut their winners a little short but are quick to take their losses. If you stick to your own style, you get the good and bad in your own approach.”

Michael Marcus

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