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Sunday, November 13, 2016

Equity Tips

Donald Trump's surprise victory in a tight presidential election defied Wall Street expectations, not only regarding who would lead the country, but the market's reaction to that leader.

Instead of latching onto the uncertainties, the market vaulted higher on the president-elect's promise of changing the tax code and launching a huge spending program to stimulate the economy. Interest rates rose and market talk turned to inflation and higher growth.

Trump's transition will be a big focus for markets in the week ahead, and of particular interest will be any guidance on whom he plans to name for key Cabinet jobs. Some of those names could be market moving, given the emphasis during the campaign on things like trade and deregulation. There is also a busy economic calendar, with the highlights both Tuesday's retail sales report and CPI inflation data Thursday.

Stocks in the past week surged, with the Dow rallying 5 percent to a new high, its best gain in five years. The Dow ended Friday at 18.847, and the S&P 500 was up 3.8 percent at 2,164. The Nasdaq was up 3.7 percent, but the small-cap Russell 2000 outperformed with a more than 10 percent gain.

There was selling in some tech names like Facebook, Amazon.com and Netflix, as investors shifted into new market leadership.

With the markets now pricing in higher interest rates, Fed officials take to the speaking circuit in the coming week and they are being watched to see if they endorse the idea of a December rate hike, as several have already. Fed Vice Chair Stanley Fischer speaks Tuesday, New York Fed President William Dudley speaks Friday and there are more than a half dozen others appearing throughout the week.

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