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Global Stocks Storm To New Record High Ahead Of Historic Fed Announcement

Global Stocks Storm To New Record High Ahead Of Historic Fed Announcement

Last week's bullish sentiment that sent the S&P not only to a new all time highs, but a burst of last-second buying pushed above 2,500 for the first time ever, has carried through to the new week, with European and Asian shares rallying across the board, US futures again the green, and world stocks hitting a new record high on Monday ahead of a historic Fed meeting in which the FOMC is expected to announce the start of the shrinkage of its balance sheet.

Quad Witch 'Pins' S&P At Exactly 2500 Despite Dismal Data, Nukes, & Terrorism

Quad Witch 'Pins' S&P At Exactly 2500 Despite Dismal Data, Nukes, & Terrorism

So to be clear, this week we had:

  • Hurricane Irma crushes Florida
  • North Korea test fires ICBMs across Japan (again)
  • Economic data misses across the globe (China and US most notably)
  • Terrorism in UK and France

And the result - drum roll please - new record highs for The Dow, The S&P, and The Nasdaq... with The Dow's best week of the year!!

 

Global Stocks Pull Back From All Time Highs On Poor Chinese Data; All Eyes On CPI

Global Stocks Pull Back From All Time Highs On Poor Chinese Data; All Eyes On CPI

Global stocks backed off from all time highs, and S&P futures are unchanged ahead of the much anticipated US CPI report, which is expected to break a streak of five consecutive misses, while eyeing disappointing overnight Chinese economic data which missed across the board. European stocks and Asian markets were also modestly in the red, with the relentless global rally to new daily record highs taking a breather amid some concerns China's economy is rolling over, which weighed on commodities including base metals, which in turned dragged down mining stocks.

"Yesterday Was A Once-In-A-Decade Sort Of Day For The S&P 500"

"Yesterday Was A Once-In-A-Decade Sort Of Day For The S&P 500"

Authored by Peter Tchir via Brean Capital,

I wish it was Sunday‘Cause that’s my fun dayIt’s just another melt-up Monday

The S&P 500 has rallied 1% or more four times this year – three of those have been on Mondays (4 out of the 7 largest upside moves this year in the S&P 500 have been Monday’s).

Unlike in the good old days where Merger Monday mania drove Wall Street, it has been – take your hedges off Monday that has driven the returns.

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