The fall of oil pushes Wall Street higher and gold falls

Wednesday, November 22, 2023 - 18:59
Point Trader Group

Wall Street's main indexes rose on Wednesday, supported by bets that the Federal Reserve has reached the end of its interest rate hikes and a decline in longer-term Treasury yields, as traders evaluated the latest batch of economic data.

At the same time, gold prices turned to decline in conjunction with the dollar index reaching 104 points, as this comes after the release of US unemployment benefits and durable goods data.

US stocks rebounded again in November, with the S&P 500 nearing its highest level this year, as signs of slowing inflation fueled bets that the Federal Reserve is done raising interest rates.

However, minutes from the Fed's latest meeting on Tuesday that showed policymakers' dovish approach to monetary policy weighed on optimism about the prospects of a rate cut early next year.

The number of Americans filing new claims for unemployment benefits fell more than expected last week, data showed, although the labor market continued to slow, raising hopes for a soft landing, according to analysts. Meanwhile, durable goods posted a larger-than-expected decline of 5.4% in October.

The yield on benchmark 10-year Treasury bonds fell to 4.4061%.

Related Topics


Get financial advice from Point trader group experts


For Free Expert Financial Advice