Dow Jones Stays Bid

 Dow Jones Stays Bid

Dow Jones (Djia) Stays Bid After Strong Us Data

DJIA, a key index from the USA, is showing positive momentum as Friday's session is heading toward a close. It appears that the upbeat employment numbers from the USA and hawkish comments from the Fed led us to this outcome.

Despite the positive close for the day, the Dow Jones Industrial Average is still on its way to ending one of its worst weeks in a long time! The reason for this is the fact that strong data from the USA has once again lowered the odds of early rate cuts.

Dow Jones Is Up By 0.9%

Besides the bullish NFP report, the comments from Fed Bowman have also stirred the pot. However, it appears that the markets are not paying that much attention to Bowman's comments. Elsewhere, Fed Kashkari shared the same views, which were not taken well by the equity markets.

If we keep the weekly performance aside, then all the US indices closed in green with the NASDAQ taking the lead with a gain of 1.50%. Next up is the S&P 500, with an upside of 1.21%, while the Dow Jones jumped by 0.9%.

Most of the sectors in DJIA showed modest gains, but the communication services took the lead with a change of +1.94%. This was followed by the stocks from the tech sector, which also recorded a 1.64% upside.

In terms of particular stocks, AMZN seems to be making the news with a rally of 3%. Next up is Salesforce, which is now trading at $302 with an upside of 2.77% for the day.

Overall, the DJIA made some gains on Friday, but we can't ignore the bearish engulfing candlestick pattern on the weekly chart.

sign like this means the DJIA could undergo major reversal during the next 1-2 weeks. However, any signs like this will become relevant if any news about inflation or rate cuts is released.

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