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Stocks jumped, with the Dow rising to an all-time high, after the Federal Reserve held interest rates steady and forecast three rate cuts next year.
Draho expects the S&P 500 to trade between 4,200 and 4,600 until investors determine whether the economy will be able to avoid a recession. The index was recently around 4,365.
The U.S. dollar was lower against its major counterparts in the New York session on Friday, as softer-than-expected jobs data for June eased concerns about the rate outlook.
The U.S. dollar came under pressure during the European session on Wednesday, as a slowdown in the nation's private sector job growth in March heightened worries about a recession.
Dow Jones, S&P 500, Nasdaq 100 Forecast: Q1 Earnings Take Centre-Stage 2021-04-20 07:00:00 Daniel Moss, Analyst Dow Jones, S&P 500, Nasdaq 100, Corporate Earnings, Treasury Yields – Talking Points: Robust Q1 earnings figures may drive US benchmark equity indices higher in the coming days However, a pickup in longer-term Treasury yields may limit overall gains. Asia-Pacific Recap Equity markets registered broad declines during Asia-Pacific trade, as a spike in coronavirus cases weighed on market sentiment. Australia’s ASX 200 fell 0.67%, while Japan’s Nikkei 225 plunged 1.97%. Hong Kong...