Wall Street opens higher on focus on US data
2019-03-13 02:13 pm | Resource: NEWS | No Views : 32
Markets opened in the US high on Wednesday as investors focused on the latest developments regarding the devastating collapse of Boeing, as well as uncertainty about Brexit from the European Union.
Meanwhile, the Nasdaq Composite Index has risen to unseen levels since mid-October.
On the business front, Boeing is facing financial claims because of the presence of 737 Max aircraft around the world, where a low-cost Norwegian airline said it would seek compensation.
US producer prices rise 0.1% in February
The US producer price index (PPI) rose 0.1% on a seasonally adjusted basis in February from the previous month, the country's Bureau of Labor Statistics said Wednesday. On an unadjusted basis, the final demand index jumped 1.9% for the 12 months ending last month.
The rise in the final demand index was driven by a 0.4% rise in final demand goods prices. The final request service index has not changed.
The final demand index excluding food, energy and business services rose by 0.1% in February on a monthly basis and grew by 2.3% compared to last year.
JP Morgan defies banks in nine US markets
In other news, JPMorgan Chase & Co. aims to open 90 local branches, most of them in Boston, Washington, DC and Philadelphia, citing an official document. The commercial banking push, announced last month, starts with nine markets. In North Carolina, Bank of America dominates Charlotte, where its headquarters are located, while Wales Fargo ranks first in Raleigh, as well as in Greenville, South Carolina, the article notes.
Branches, possibly Chase, will also be set up in Kansas City, Minneapolis, Nashville, Pittsburgh, Providence and St. Louis, the largest lender in the United States, adding that there is competition everywhere from large or small enterprises. The covered area will cover 30% with "low to medium income". JPMorgan reduced the number of units by 1.8% to 5036 units last year.
US Stocks Open
- The Dow Jones Industrial Average rose 0.39% in the opening bell as UnitedHealth led the gains, gaining 0.76%.
- The Nasdaq 100 rose 0.40% just moments after the start of trading, with NVIDIA rising 2.41%.
- The Standard & Poor's 500 Index rose 0.35% on the open, supported by health and energy sectors.
The euro rose 0.12% against the US currency to trade at 1.1300 at 15:39 CET.
Time frame Used - four hours The NASDAQ 100 is moving in a bullish direction in the near term. The purchasing power managed to control the movement of the NASDAQ 100 index to bounce the NASDAQ 100 index to reach the level of 7290 where it faces some selling pressure around this level. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival…
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