Stocks rose Wednesday, adding to their recent momentum as expectations for lower U.S. Federal Reserve rates continue driving the major indexes to all-time highs. The S&P 500 and Nasdaq Composite advanced 0.4% and 0.5%, respectively, reaching fresh record highs. The Dow Jones Industrial Average gained 1250 points, or 0.6%. AMD popped more than 5% to lead gains in tech. Apple also advanced about 1%, along with Oracle. Those moves followed a record-setting session Tuesday sparked by a tamer-than-expected inflation report that gave investors hope of a Fed rate cut in September. Traders...
Gold remained around $2,650 per ounce on Thursday, after falling over 3% to hit a three-week low in the previous session, pressured by a stronger dollar following Donald Trump's US presidential victory. Trump's presidency has also led traders to unwind safe-haven gold positions, as markets anticipate higher interest rates from the Federal Reserve, diminishing gold's appeal. This came as the newly elected US president previously campaigned policies focused on immigration, raising tariffs, lowering taxes, and deregulation that fueled expectations of larger deficits and inflation. Meanwhile,...
The dollar index remained above 105 on Thursday, trading near four-month highs as investors awaited the Federal Reserve's latest policy decision. The Fed is widely expected to cut interest rates by 25 basis points later today, with traders also seeking guidance on whether further rate cuts will follow in December. On Wednesday, the dollar soared nearly 2% after Republican Donald Trump's decisive victory in the US presidential election. The Republicans also regained control of the Senate, which could pave the way for significant legislative changes, although control of the House of...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.45 on Thursday. The WTI price edges lower amid the rise in the US Dollar (USD) after Republican candidate Donald Trump won the US presidential election. Trump's victory has boosted the Greenback and dragged the USD-denominated WTI price lower. Meanwhile, the US Dollar Index (DXY), an index of the value of the USD relative to a basket of foreign currencies, climbed to the highest level since July near 105.44 before retreating to 105.20. Nonetheless, Trump's reelection could also mean the renewal of sanctions on...
Gold (XAU/USD) tumbles to the $2,660s on Wednesday due to the US Dollar (USD) strengthening after Republican nominee Donald Trump was named the winner of the US presidential election. Trump won with 277 electoral college votes over Vice President Kamala Harris' 224, according to the Associated Press. USD is gaining due to the market view that Trump's economic agenda and tariffs will strengthen the US Dollar. This, in turn, is negative for Gold since it is mainly priced and traded in USD. Gold is also losing ground due to capital rotating out of Gold and other safe-havens into riskier...
The US Dollar (USD) rose sharply on Wednesday after former US President Donald Trump secured enough electoral votes to become the next US president. The former US President secured 277 votes, more than enough to surpass the magic 270 threshold needed to secure a majority. An additional element that may lead to more US Dollar strength is the fact that Republicans have secured a majority in the Senate. While the race for control of the US House of Representatives is still undecided, it seems that Trump will not be a powerless president and will have the support of both houses when it comes to...