Tuesday, October 20, 2015

Wall Street closing: markets shrugs off China

FXStreet (Guatemala) - The US market was relatively quiet and unrattled by the signs of weakness in the Chinese economy which had a greater impact on commodities than equities.

Chinese GDP for Q3 data arrived as 6.9% Y/Y beating expectations of 6.8%, but comes below the previous of 7% Y/Y and as the lowest level since the start of the financial crisis. However, U.S. stocks finished up little changed at eight-week highs as consumer shares advanced before a barrage of earnings reports.

The US market opened lower with all major indexes falling about 0.3 percent. We then moved into a narrow range for most of the session with the Nasdaq Composite tracking iShares Biotechnology ETF (IBB), which rose more than 2 percent at its highs. Meanwhile, the S&P and the Dow were lower for most of the session before rising.

The market is now fixated on year end and whether the Fed will be in a position for liftoff by December's meeting, although there is a bias mounting in favour of a hike being delayed until March 2016, leaving the stocks market buoyed on such hopes into year end.
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