- S&P 500 hits all-time high
- US jobless claims rose again last week
- Gold climbs to the highest since March 1
European indices finished today's session mostly higher as sentiment was broadly improved after Fed continued to defend its super easy policies and is unlikely to change its current stance anytime soon. Meanwhile ECB minutes showed that policymakers debated a smaller increase in bond purchases and agreed to front-load the buying this quarter on condition it could be cut later if conditions allow. On the data front, factory orders in Germany increased for a second month in February and construction activity returned to growth in the Eurozone. DAX 30 rose 0.2%, CAC40 gained 0.57% and FTSE100 finished 0.83% higher.
Across the ocean, S&P 500 reached a new record high and the Nasdaq rose 0.9% while Dow Jones trades around the flatline. Initial jobless claims unexpectedly rose for the 2nd week to 744k while analysts expected a drop to 680k. This might be a sign that the labour market recovery may take much more time than initially expected. Meanwhile, Powell spoke today at the IMF panel where he said that inflation is temporary, and that the Fed has ways to fight inflation in any case. However, no details were provided. Meanwhile, the Treasury Department released a report detailing President Biden's new tax plan. The report found that the new plan would bring about $ 2 trillion in corporate profits into US net tax, and noted that only 45 large companies would pay the proposed minimum tax of 15%.
WTI oil fell 0.50% and is trading around $59.40 a barrel, while Brent is trading 0.15% lower, slightly above $63.00. Elsewhere gold rose more than 1% to $ 1,755.00 / oz, while silver is trading 1.4 % higher around $ 25.50 / oz as US Treasury yields continued to retreat from more than 1-year highs while the dollar index remained close to 2-week lows.
Gold price jumped more than 1% during today’s session and is currently testing major resistance at $1755 which coincides with 50 SMA (green line). Source: xStation5
