S&P at Fresh High

Wall Street extends gains for fourth day in a row as equities attract investor’s bids after FED removed the patience stance and open the doors for interest rate cuts as soon as July. Dow Jones is adding 0.71 percent to 26,690, the S&P 500 gain 0.59 percent to 2,943 while the Nasdaq Composite is 0.61 percent higher to 8,036. In macro data, the initial jobless claims fell by 6,000 to 216,000 for the week ended June 15, the Philadelphia Fed manufacturing index fell to just 0.3 in June worst than analyst’s expectations.

S&P 500 continues higher making fresh high as bulls drive the index despite the increased geopolitical tensions. The index needs to close above the intraday high at 2,956 so it can attract more bids. On the downside immediate resistance stands at 2,873 the 50 day moving average which if broken might accelerate the fall further towards 2,834 the 100 day moving average.