Wall Street ends mixed, with only the DJIA ending higher by 9 points

U.S. stocks started the week on the back foot in the main, with just the Dow Jones Industrial Average managing to hold onto slight gains, ending highe  |  24/06/2019 22:01
  • DJIA ending higher by 9 points, or less than 0.1%, to around 26,728. 
  • S&P 500 was ending lower by 0.2% to finish around 2,945.
  • Nasdaq Composite lost 0.3% to end around 8,006.

U.S. stocks started the week on the back foot in the main, with just the Dow Jones Industrial Average managing to hold onto slight gains, ending higher by 9 points, or less than 0.1%, to around 26,728. The S&P 500 was ending lower by 0.2% to finish around 2,945 while the Nasdaq Composite lost 0.3% to end around 8,006. Energy stocks were among the worst performers for the day as the Iran threat was dialled down by Trump's U-turn on the airstrike last week and an optimistic approach to settling the threat of nuclear arms while imposing fresh sanctions on the nation. 

Run for the hills or party time?

"Global markets are sending decidedly mixed messages at present," analysts at ANZ Bank noted: 

  • "US equities have had a stellar run as bond yields plummet globally on expectations of weaker US interest rates, in a good old-fashioned ‘bad news is good news because monetary stimulus is coming’ dynamic. It’s not indiscriminate, however, with defensive stocks sharply outperforming on clear signs of a global growth slowdown.
  • And gold, which traditionally trades either as a safe haven or an inflation hedge, has burst through USD1400/oz for the first time since 2013.
  • But then Bitcoin has made a spectacular comeback too, lifting from just over USD3000 in mid-December to almost USD11,000 now, and its safe-haven qualifications are highly dubious, one would have thought.
  • So which is it; run for the hills or party time? Walk hill-ward with a load of party supplies? Interesting times."

DJIA levels

The DJIA scored through its record closing high last Friday leaving the index in bullish territories, although shy of the 26951 Oct 2018 highs and the 27000 psychological level. On the flipside, below 26500, the prior sideways consolidating above the 61.8% Fibo retracement level of April to June swing highs and lows guard 25984 and then a 50% mean reversion of the current range to the 257940s.
 

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