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Stock market rally cools off, investors keep a cautious tone

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    Global stocks retreat after a plunge on Wall Street

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    Euro rises despite а stronger dollar

    Risk mood turns more measured, euro threatens parity again

    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

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    Stocks erase gains as cautious tone persists in the markets

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    Risk demand prevails after FOMC minutes

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    Global stocks retreat after a plunge on Wall Street

    Global stocks mixed-to-higher, investors stay cautious

    Euro rises despite а stronger dollar

    Risk mood turns more measured, euro threatens parity again

    Investors stay nervous as tensions escalate

    Investors start the week on a cautious note

    Equity markets mixed ahead of the weekend

    Markets struggle for direction ahead of the weekend

    Stocks climb marginally, pressuring the greenback

    Investors welcome cooling inflation, dollar sags

    Yellen failed to spook global markets

    Risk-off tone dominates global markets

    Stocks making recovery attempts, markets remain unstable

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Home » Stock market rally cools off, investors keep a cautious tone

Stock market rally cools off, investors keep a cautious tone

by Stephen Soo
November 18, 2020 04:05
in Fundamental analysis
0
Stock market rally cools off, investors keep a cautious tone

New coronavirus cases in Tokyo hit a record high near 500

The recent rally cooled off amid disappointing economic data, sending Wall Street indexes lower overnight. The official report showed that US retail sales rose 0.3% last month, versus a 0.5% gain expected. Furthermore, the Federal Reserve Governor Jerome Powell said the American economy has a long way to go before it returns to pre-pandemic levels. As a result, the Dow Jones Industrial Average dropped 0.6%, the S&P 500 dipped 0.5%, while the Nasdaq Composite fell 0.2%.

Asian equities were marginally higher on Wednesday in a sign of waning vaccine optimism amid concerns over the long-term impact of the coronavirus pandemic. The Shanghai Composite Index gained 0.2%, the Hang Seng in Hong Kong rose 0.5%, the Kospi in Seoul was up 0.3% while Japan’s Nikkei 225 bucked the trend and lost over 1% amid the news that new coronavirus cases in Tokyo hit a record high near 500.

European stocks opened lower to start the day, mirroring the softer tones in US futures, with positive vibes keep fading as the week progresses. Investors keep a cautious tone amid the lingering worries about fresh lockdown measures caused by a resurgent pandemic. The pan-European STOXX 600 remains under pressure after dropping 0.4% on Tuesday.

Meanwhile, the USD index loses further momentum, retreating to the 92.00 figure On Wednesday despite the risk-off sentiment dominates the markets. The greenback has been losing ground for the fifth consecutive session. Later in the day, US housing starts and building permits are due. Also, the Federal Reserve officials Evans, Williams, and Bullard are due to speak.

In other markets, bitcoin extended its spectacular rally to the $18,500 level last seen in early-2018. Since then, the cryptocurrency has retreated marginally while staying on the offensive and could climb to fresh long-term tops after a pause. In case of a bearish correction, the immediate support should be expected at $17,900, followed by $17,600.

Tags: BITCOINDOW JONESFederal ReserveJerome PowellNasdaqNikkeiStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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