On a bad day for the US dollar, a recovery in commodities (again) the stock market recovered and ended up on Wall Street.
WTI upside (still) capped around $40.00
Yesterday’s dovish tone from the FOMC has rattled markets and allowed stocks to climb on cheap money. The S&P finished the day up 0.66% (was scoring in positive territory for the year, but slipped back) while the Dow Jones was finishing in the green by 0.90% to 17481 (a gain of 0.3% so far this year) and recovering all of 2016’s losses, while the Nasdaq followed in last position up just 0.23% and down 4.6% for the year.
Another bad day for the greenback – FXStreet
The US dollar, as weak as it is, will put less downward pressures on corporate earnings and will benefit overseas sales of goods.
(Market News Provided by FXstreet)