Wall Street surges at the beginning of new week
Market sentiment improved significantly at the start of the new week, partially thanks to better-than-expected quarterly results from Bank of America. Still, the second-largest US bank joined other big banks, including JPMorgan, in posting a year-over-year drop in third-quarter profit, amid slowing investment banking activity and an increase in reserves in anticipation of a deteriorating economy. Major technology companies, including Tesla, Netflix, and Snap, will provide their quarterly results later this week. Also investors welcomed the UK government's U-turn on its fiscal plan. Newly-appointed Finance Minister Hunt announced today, that it will reverse almost all previously announced tax measures, which additionally supported risk-on moods. As a result US100 jumped over 3.0% and broke above major resistance at 11000 pts, which is marked with previous price reactions and lower limit of the 1:1 structure.Â
US100, D1 interval. Source: xStation5
