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S&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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