Dow Jones recorded its 41st record closing this year, rising 39.45 points to close the session at 22,370.8 points. The most profitable for the day were the shares of Verizon and Goldman Sachs. The record was also marked by the S & P500, which rose 0.1 percent to 2,506.65 points, with the financial and telecoms sector leading the day. The NASDAQ Composite also reached a new peak, taking a 0.1% day progress to 6 461.32 points.
Today is the busiest day of economically significant events for the week. A slight slowdown is expected in the retail index in the UK. The index measures retail price increases for households and is an accurate measure of inflation growth, albeit not as popular as the CPI.
Crude oil reserves are expected to continue last week’s trend thanks to resumption of refineries after the hurricane season. Estimates call for an increase of 2.8 million barrels. Expectations for a surge in US crude oil stocks led to the price of black gold to lower values over the past day.
Despite the retreat from the 5-month peaks, the moods of the market are bullish ahead of the meeting between OPEC member states and other producer countries, commenting on the progress made after the $ 1.8 million bargaining bargain. OPEC’s second-largest producer, Iraq, said it is considering additional measures, including an extension of the deal. Nigeria and Libya will also send representatives, though not included in this deal. Brent futures ended the day 29 cents lower, to 55.19 dollars a barrel, similar to the WTI crude oil, which finished the day at a price of 49.91 dollars a barrel, 43 cents lower, low.
The Fed’s monetary policy decision, the most awaited event of the week, will be presented. A decision on the interest rate will be announced, although it is expected to remain at 1.25%. Most analysts agree that a reduction in the quantitative easing that Fed launched after the crisis will also be announced.
“Markets are paying attention to what they should be paying attention and that is earnings growth,” said Karyn Cavanaugh, senior market strategist at Voya Financial.
“Any reduction in the Fed balance sheet will be gradual and it is happening on the backdrop of improving economy in the U.S. and globally. But at the same time, we don’t know how the market will react because we have never had this situation before,” Cavanaugh said.