Wall Street indices spiked higher today with the Dow Jones adding 0.53% at 26,342.15. The Nasdaq currently is trading 0.27% higher at 8,041, while the S&P 500 trading 0.44% higher at 2,937.38. The Fed released yesterday the minutes from its FOMC July meeting. The 25 basis points “insurance cut” decision was generally agreed by the policy committee but, some members favoured a 50bps point cut and two participants favoured no change. Earlier today Kansas City Federal Reserve President Esther George in an interview said that she would be happy to leave the rates unchanged.
United States Initial Jobless Claims came in at 209K, below forecasts of 216K in August 16, the Initial Jobless Claims 4-week average increased to 214.5K in August 16 from previous 213.75K
During Asian trading session, Japanese manufacturing PMI rose to 49.5, but the figure missed consensus expectations. French PMI data came strong. The manufacturing PMI jumped back into expansionary territory at 51.0 and the services PMI rose to 53.3. Germany’s Manufacturing PMI came in at 43.6 beating expectations of 43 in August while the Composite PMI also came in at 51.4 above forecasts of 50.5 in August. The EU Manufacturing PMI came in at 47 topping forecasts of 46.2 in August.
The CBOE Volatility Index (fear Index), is down 0.25% at 15.76 just to confirm the positive market mood.