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S&P 500, daily chart.

The US stock market rose strongly yesterday due to better-than-expected reports on the US economy and the new spending plan of President Joe Biden.

More specifically, the DJIA jumped by 1.1%, Nasdaq increased by 1.7% and S&P 500 climbed up by 1.4%.

As mentioned above, all this is due to the strong ISM report on the US service sector, which indicated that activity reached 63% last March, well above the forecasted 59%. The industrial sector, on the other hand, saw some halt because orders fell by 0.8% last February.

In any case, the overall outlook was positive because Biden launched his new program, which amounts $ 2.2 trillion.

As for the Asian markets, they declined this morning even though economic indicators were also better than expected. Japan indices fell by 1%, while China indices slipped by 0.6%

Forecasts:

The DJIA is currently at 33.534, but it is expected to grow and range between 33.200 – 33.700 points.

WTI is currently trading at $ 59.10, but it is projected to increase by 0.8% and range between $ 57.50 – $ 61.00. This should happen if there are good reports from the US.

USD/CAD is trading at 1.2540, but it is expected to hit 1.2460 – 1.2590 today.

The USD index declined from 93.00 to 92.60 yesterday, and today it is projected to range between 92.20 – 92.80 points.

US Treasury yields are currently holding at 1.7%.

The material has been provided by InstaForex Company – www.instaforex.com

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