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US Stock Market Trade early today (March 18) local time. Where the Dow Continues to Rise Higher But the S&P 500 and NASDAQ faced strong selling as bond yields hit 14-month highs.
Dow Jones Industrial Average The most recent move was 33,206.89 points, up 191.52 points or 0.58%, the AS&P 500 index at 3,966.12 points, down 8.00 points or 0.20%, and the index NASDAQ at 13,359.43 points, down 165.77 or 1.23%.
The Fed forecasts the strongest economic expansion in 40 years after the severe COVID crisis and its commitment to keep interest rates close to 0% for years to come. Help Reinforce the Dow by Rising to a Daily High Once Again
The Fed raised its forecast for US economic growth in 2021 and 2022 to 6.5% and 3.3%, respectively, while cutting the 2023 expansion to 2.2%. Long-term growth at 1.8%.
Meanwhile, the Fed has kept its policy rate forecast for 2021-23 at 0.13% for all three years, and kept its long-term forecast of 2.5%.
However, tech stocks versus the selling force today was hit by a rally in 10-year U.S. Treasury yields that soared above 1.74 percent, reaching a high of 14. months.
Rising U.S. Treasury yields have put pressure on tech stocks. What is a share in the group of growth stocks, investors sell those stocks. And acquired value shares, a group of shares To adjust according to economic conditions. They are expected to benefit from the openness of the US economy. After using the blocking measure To control the spread of the COVID-19 virus.
The Ned Davis Research Institute predicts that the NASDAQ index will collapse another 20 percent if the yield on 10-year US Treasuries reaches 2 percent.
The revelations in the American economy today. The US Department of Labor said the number of first-time jobless claims rose to 770,000 in the last week. Higher than analysts had forecast at 700,000.
The US Department of Labor also raised the number of applicants for unemployment benefits for the first time earlier this week to 725,000 from 712,000 previously reported.
The number of applicants for unemployment benefits remains higher than pre-COVID-19 levels. That never exceeded the 700,000 level
Personally, the four-week average of the number of Americans claiming their first unemployment benefit. Which is considered a better indicator of the labor market By eliminating the weekly volatility, it fell to 746,000 levels last week. What is the lowest level since November 2020?
Additionally, the number of Americans still filing for unemployment benefits dropped to 4.1 million, but is still higher than the forecast of 4 million.
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