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Free AccessS&P500 Closes Gap With Friday Close
- Wall Street traded higher for a second session, with the S&P 500 closing the gap with the Friday close to trade back above the 50-dma. A solid contribution from the energy sector boosts the headline index, thanks to a late rally in oil prices. Financials also rallied well for a second session, as a steeper front-end of the US yield curve supported banks.
- For the e-mini S&P, Friday's highs at 4482.50 mark the next upside target ahead of 4489.14 - the 76.4% Fib for the downtick from the alltime high printed on Sep 3.
- Continued progress for stock markets continues to work against the recent spike in the VIX, which ebbed back below 20 points on Thursday.
- Stocks across Europe finished positively, with most indices finishing with gains of 1% or so. The UK's FTSE-100 was the underperformer, finishing just below water thanks to weakness in Prudential, GlaxoSmithKline and Unilever shares.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.