The S&P closed at yet another all-time high in a volatile trading session, Markets were flat in the early afternoon. Initial Jobless Claims fell from the week before and beat estimates but remained above 1 million. Continuing claims, which represent those that have filed for Unemployment for at least two weeks, were 14.5 million versus the expectation for 14.3 million and a revised 14.7 million in the week prior. Markets moved higher during Federal Reserve Chairman Jerome Powell’s keynote speech. Powell announced that the Fed has made changes to its long-term monetary policy goals. Now, it will wait for inflation to run hot for a period of time to an average of 2% before it tightens its policy. That means it will do more from a policy perspective to try and stoke inflation for the foreseeable future. In terms of economic data, Existing Home Sales jumped again in July, signalling continued strength in the housing market. Senate Republicans are reportedly preparing a new stimulus proposal. And leaders from both sides could soon be back at the table. In contrast, European Markets closed lower following a warning from Europe’s Centre for Disease Prevention and Control that Coronavirus cases will rise again this winter, but also said that they are hopeful that deaths will not spike. Germany cancelled plans to discuss Brexit at a gathering of European Union ambassadors next week due to a lack of negotiating progress. Germany was reportedly considering extending its ban on major events until the end of the year. French Prime Minister Jean Castex said the country will quickly distribute $118 billion to support businesses, adding that the funds will support a sustainable economic recovery. Spanish Economic Minister Nadia Calvino said recent data has shown an economic rebound is underway. Overnight, reports from Japan that Prime Minister Abe is to retire for health reasons saw the Nikkei close lower by 1.4%.
To mark my 2125th issue of TraderNoble Daily Commentary I am offering a special 2 year rate of Euro 2750 for my Platinum Service which includes 1 to 4 updated emails throughout the trading day To demonstrate this value, a monthly subscription over the same period would cost 4440 euro in total This offer represents a 38% discount and is open to both new and existing members. If anyone is interested in this offer can you please email me on email@example.com for details
For anyone following my Platinum Service it made 455 points yesterday and is now ahead by 2381 points for August having ended July with a gain of 3128 points, 2580 points in June, 2456 points in May, 4773 points in April, an incredible 9264 points in March, 2223 points in February and 2142 points in January. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1600 points
I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification