Stocks could rise further in early Thursday trading after ending the previous session significantly higher. Major index futures are currently market, The Dow futures are up 237 points.
Stocks could regain ground after the slump seen earlier this month, which lowered the Dow to its lowest closing price in three months on Tuesday.
After Chinese real estate developers have reached a settlement with mainland bondholders, Wall Street’s rising momentum will occur as concerns about the Evergrande Group ease.
The People’s Bank of China’s injection of huge amounts of capital into the country’s banking system also eased concerns about potential defaults by Eve Grande.
US equity futures remained strong after the release of a report from the Ministry of Labor showing that the first claims for US unemployment allowances increased unexpectedly for the second straight week of the week ending September 18.
The Ministry of Labor said initial unemployment claims increased to 351,000, up 16,000 from last week’s revised level of 335,000.
With the rise, unemployed claims were even higher than the pandemic era low of 312,000 set for the week ending September 4.
The ongoing rebound surprised economists who expected unemployed claims to drop from 332,000, which was first reported last month, to 320,000.
Shortly after the start of trading, the Conference Board will publish a report on leading economic indicators in August. Major economic indexes are expected to rise 0.6%.
Following the long-awaited monetary policy announcement by the Federal Reserve Board, stocks closed sharply high during trading Wednesday. The key average remained strong following the Fed’s announcement after showing a strong upward move in the morning trading.
All major averages recorded a strong rise on the day. The Dow rose 338.48 points or 1 percent to 34,258.32, the Nasdaq rose 150.45 points or 1 percent to 14,896.85, and the S & P 500 rose 41.45 points or 1 percent to 4,395.64.
In foreign trading, the Asia-Pacific stock market rose almost on Thursday and the Japanese market closed due to a holiday. China’s Shanghai Composite Index rose 0.4% and Hong Kong’s Hang Seng Index rose 1.2%.
On this day, most European stocks also started to rise. Both the German DAX index and the French CAC 40 index have risen 0.8%, while the UK FTSE 100 index has fallen 0.1% against the uptrend.
In commodity trading, crude oil futures jumped from $ 1.74 a barrel to $ 72.23 on Wednesday and then fell from $ 0.30 to $ 71.93 a barrel. Meanwhile, gold futures have fallen from $ 8.30 to $ 1,770.50 per ounce after rising from $ 0.60 to $ 1,778.80 per ounce in the previous session.
On the currency side, the US dollar is trading at 109.94 yen, compared to 109.78 yen acquired at the end of the New York stock exchange on Wednesday. Against the euro, the dollar is valued at $ 1.1732 compared to yesterday’s $ 1.1687.
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U.S. stocks could go further up in early trading
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