US Market Outlook: Dollar, Yield stay strong
The outlook remains bullish and there is more room to rise
The stock market in the United States saw a decline for the fifth straight week, with the Dow Jones Industrial Average dropping 1.26 percent. Meanwhile, the S&P 500 and NASDAQ Composite index managed to hold steady, with the S&P 500 falling slightly by 0.26 percent and the NASDAQ Composite closing higher by 0.45 percent. The US dollar index also showed strength, rising 2.86 percent over the past three weeks.
The 10-year Treasury yield remained stable throughout the week. Analysts predict that the Dow Jones index could rise to 51,800-52,000 if it breaks below 51,000, but could fall to 50,400-50,300 if it reverses lower. The S&P 500, despite falling last week, maintains a bullish outlook with support at 7,600 and 7,670. Resistance at 7,790-7,800 could propel the index to 8,100-8,200 if sustained.
The NASDAQ Composite index remained stable, with resistance around 27,450 and potential support at 27,000. The dollar index broke resistance at 101.50, reaching a high of 102.21, and has room to possibly rise to 103.30. The 10-year Treasury yield is on an upward trend, potentially reaching 6 percent.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
