US indices continue to grow | IFCM UK
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US indices continue to grow

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Last week, the US stock indices rose for the third time in a row, and the dollar index declined for the fifth consecutive week. In general, the weakening of the exchange rate makes the goods of the US exporters more competitive and supports their stock prices. On Monday, the US markets were closed due to the Martin Luther King Day.

On Tuesday, no significant economic statistics came out. The stock prices fell on the background of negative information by General Electric and Viacom. On Wednesday, positive data came out in the US on the growth of industrial production by 0.9% for December. The US stock indices rose. Dow exceeded the psychological mark of 26,000 points for the first time. The US dollar index rose on the background of the euro weakening.

On Thursday, weak data on the new home sales for December came out. Alcoa's stock prices fell by 7.5% because of the weak quarterly earnings report. On this background, the major US stock indices closed "in the red." An additional negative was investors’ concerns that the Democrats and the Republicans would not be able to agree upon and approve the US government budget for 2018. The dollar index also fell on Thursday.

On Friday, the US stock indices rose due to positive news and quarterly earnings reports by major companies such as Nike, Philip Morris and Home Depot. The US dollar index rose slightly, but still remains near its 3-year low. The Senate did not approve the budget for 2018, which may become the main negative factor for the upcoming week. The main event of this week are: the next ECB meeting on Thursday, as well as the publication of the US GDP for the 4th quarter and durable goods orders for December on Friday. Investors continue to follow the corporate earnings reports. According to forecasts, the total profit of the companies from the S&P 500 list will grow by 12.2% as fourth quarter results of 2017.

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