(DAILY NOTION): Wall Street Closed Higher as the Bulls Roared, Next Mover: FOMC Meeting

NASDAQ 100 (as of Mar 12, 2021 at 12 noon)

Source: Yahoo Finance

SPX 500 (as of Mar 12, 2021 at 12 noon) 

Source: Yahoo Finance

US30 (as of Mar 12, 2021 at 12 noon)

Source: Yahoo Finance

The Wall Street powered on, as the NAS100 leapt 2.7%, the SPX 500 gained 1.44%, and the US30 was up by 0.98%. The cause of the bulls was strengthened by the rise in technology stocks and cyclical stocks, Investing.com reported.

In the market, a shift has happened as President Biden has signed the $1.9 trillion stimulus package into law, ahead of time. The president then spoke to the nation in a prime-time address, which included a directive to every state to provide access for every adult American to be vaccinated by May 1, and incited hope by saying that American can look forward to in-person gatherings, albeit in small groups, for the Independence Day celebration on July 4.

As the market anticipates the gushing flow of liquidity from the massive stimulus cheques, the risk-on sentiment is also heightened by the initial jobless claims, which came in at 711,000 against a forecast of 725,000. This would be the lowest level in four months, pointing towards a recovery in the labour market.

With the arduous journey of the $1.9 trillion stimulus bill approval ended, traders would be keeping an eye out for the Federal Open Market Committee (FOMC) meeting next week.

Until then, how will Wall Street end this week? Will the bulls roar louder, or will the bears show up to reclaim some ground? Let’s stay tuned.

FOLLOWME User Sentiment (as of Mar 12, 2021 at 11.55 a.m.)

SPX500

Short – 76.26%

Long – 23.74%

NAS100

Short – 58.60%                

Long – 41.40%

US30

Short – 78.94%

Long – 21.06%