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Stocks Bounce, But Shy of Resistance

EQUITIES
  • Stocks bounced Tuesday, with Wall Street adding over a 1% for all the three main indices as equities staged a shallow recovery. Strength was seen from the opening bell onwards, with the e-mini S&P extending the recovery off the overnight lows to over 85 points. The Friday/Monday highs are next up at 4365.75/4362.00, marking first resistance. The move higher in stock markets coincided with a grind higher across Treasury yields (10y yields hit the best levels of the week) as well as USD/JPY, which briefly topped 111.50.
  • Energy and financials were the initial gainers on Wall Street, with solid oil prices buoying refiners and explorers, while the steeper US curve favoured bank names.
  • These sectors were swiftly usurped by tech and communication services however, with a sharp rally off the lows in the likes of Facebook and Twitter largely responsible. This put the NASDAQ-100 ahead of bluechip S&P500 and Dow Jones indices.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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