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Stocks Plumb New Heights As Fed Soothes Markets

EQUITIES

The E-mini S&P contract remains in a bull mode condition and is trading higher. Attention is on the top of the bull channel drawn from the March 13 low - the top intersects at 4632.89 today. A clear channel breakout would strengthen bullish conditions. Eurostoxx 50 futures recovered from yesterday’s lows and remain in consolidation mode. Despite a brief period below it yesterday, support at the 50-day EMA remains intact for now. The average intersects at 4353.80.

  • Japan's NIKKEI closed higher by 222.82 pts or +0.68% at 32891.16 and the TOPIX ended 12.05 pts higher or +0.53% at 2295.14.
  • Elsewhere, in China the SHANGHAI closed lower by 6.357 pts or -0.2% at 3216.671 and the HANG SENG ended 273.97 pts higher or +1.41% at 19639.11.
  • Across Europe, Germany's DAX trades higher by 120.88 pts or +0.75% at 16251.39, FTSE 100 higher by 16.43 pts or +0.21% at 7692.83, CAC 40 up 84.86 pts or +1.16% at 7399.93 and Euro Stoxx 50 up 53.43 pts or +1.23% at 4399.83.
  • Dow Jones mini up 52 pts or +0.15% at 35736, S&P 500 mini up 26.25 pts or +0.57% at 4621.5, NASDAQ mini up 181.5 pts or +1.16% at 15792.5.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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