Stock indices maintain rising. Amid the ECB’s higher rate trek. Notwithstanding the ECB’s eighth straight rate increase, the major stock indexes continue to rise.
Stock Indices rebuff BoE’s aggressive stance
Stock indices of US rose
The Nasdaq had 80 new peaks and 72 lower lows, while the S&P 500 saw 48 fresh peaks and no fresh lows. The S&P 500 increased 1.22 percent to 4,425.84 pts at session’s finish. To reach 34,408.06 points, the value of the Dow Jones increased 1.26 percent.
STOCK INDEX FTSE 100 GETS CLOSE TO THE UPPER LIMIT OF THE TRADING BAND
Despite a number of UK firms witnessing their share prices decline as worries regarding the (BoE) needing increase interest rates more rise, the FTSE 100 is still making progress.
This late-May and current-month peaks at 7,655 – 7,660. Which has been targeted as the top end of its almost a month lateral trading range. Its 7,679 mid-May bottom serves as an additional barrier.
Potential Friday retracements should find support between the highs of June 12 and 13, which range from 7,611 to 7,604.
DAX 40 RALLY GOES ON
The (ECB)’s eighth straight rate increase by 25 bps to 3.50% with aggressive view on Thursday failed to ruin the celebration. As the DAX 40 continued to rise beyond its May peak at 16,333 as well as last week’s historic highest level at 16,338.
The 16,400 & 16,500 levels are located below the 16,338 record peak.
The intraday bottom of 16,208 earlier in the day offers support right away. And below that, the prior low of 16,160 on Thursday will offer temporary support.
S&P 500 SOARS IN FRONT
Despite the US (Fed) hardline posture, allowing for the possibility of further hikes in rates. The S&P 500 has so far witnessed six continuous days of rising costs. And is poised to complete a fifth straight week of price increases by a surge to the higher end.
The small psychological 4,500 level, which serves as another upward objective. Which is hidden over Thursday’s 4,440 14-month peak established beyond the 4,421 March 2022 top.
With today’s option expiration and many Fed members speaking on Friday and the next week, there may soon be some volatility in the market.
Possible declines could discover support between today’s 4,391 spike and the small psychological 4,400 zone. As a result of the market’s reluctance to accept that the Fed is only stopping its tightening of the monetary process.
