[Mercato USA]S&P 500 rises sharply in 20 years in two days: dollar low at 144 yen – Bloomberg

The US stock market rose sharply on 4, recovering from oversold levels. Global central banks could ease their restrictive stance to avoid a hard landing.

The S&P 500 stock index recorded its largest gains since April 2020 in the past two trading days. The short squeeze (lift) of stocks is an important underlying factor,Job openingsIncreased bulls’ optimism on policy also impacted the market after weakening US economic indicators such as Billionaire Elon Musk Asks Twitter to Proceed with the Takeover Bidsuggestionit became clear that Twitter shares rose 22%, while Tesla shares rose.

Job openings in the United States hit a 14-month low in August

The S&P 500 was up 3.1% to 3790.93. The Dow Jones Industrial Average rose $ 825.43, or 2.8%, to $ 30,316.32. The Nasdaq Composite Index rose 3.3%. At 4:11 pm New York time, the 10-year Treasury yield fell 1 basis point (bps = 0.01%) to 3.63%.

The debate over whether global interest rates are approaching a peak intensified over the course of the day. Fawad Razakzada, market analyst at City Index, said: “There is a ‘feeling’ that the market has hit rock bottom, and it is certainly possible, albeit a small one, but here we are in another bullish trap. It is important. don’t get stuck, “he said. “We are still in a bear market right now and this could end up being just a relief rally,” he said.

The dollar has weakened against a wide range of currencies in the foreign exchange market. Reserve Bank of Australia (Central Bank)dove surprisedWith speculation rising about a slowdown in global monetary tightening in the short-term financial market, speculation about a rise in US interest rates subsided and the dollar was sold. The dollar’s decline widened in the wake of rising risky asset prices following the release of the US index.

The Bloomberg Dollar Spot Index, which tracks movements in the dollar against the 10 major currencies, fell 1.1%. As of 4:59 pm New York time, the dollar fell 0.3% against the yen to 144.13 yen. The euro was up 1.6% against the dollar to $ 0.9986 per euro. The Australian dollar fell 1% against the US dollar at one point, but has since reduced its decline.

Kit Jacks, Société Générale’s chief currency strategist, said in an interview with Bloomberg Television that the lower-than-expected rate hike by the RBA was a “temporary slowdown” in monetary tightening, not a “permanent reversal” of policy.

The New York crude oil market continued to grow. The material is that OPEC Plus, which includes the Organization of Petroleum Exporting Countries (OPEC) and major non-OPEC oil producers, is considering reducing production quotas to 2 million barrels per day. The reduction is double compared to what was previously foreseen.

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“The increase in potential cuts from 1 million barrels per day to 2 million barrels per day suggests a more aggressive approach,” said Stacey Morris, head of energy research at Alerian VettaFi. “It could signal growing concerns about the demand and health of the global economy,” she said.

West Texas Intermediate (WTI) futures for November delivery on the New York Mercantile Exchange (NYMEX) rose $ 2.89, or 3.5%, to $ 86.52 a barrel. It closed at a maximum of three weeks. December delivery of the London ICE North Sea Brent increased by $ 2.94 to $ 91.80.

The New York gold market continued to grow. Spot prices rose above $ 1,700 an ounce. Poor US economic data has led to speculation that the Fed may curb aggressive monetary tightening. The sentiment in the gold market has changed significantly.