U.S. stocks rose on Wednesday after solid private employment data underscored the strength of the economy, boosting financial stocks and helping calm investor jitters over President Donald Trump's ability to deliver on his policy plans.
That’s right… ‘Fecstasy’ is our combination term for ‘Fed’ and ‘ecstasy’, which seemed to grip the U.S. equities market after Wednesday afternoon’s FOMC announcement and follow up Chair Yellen press conference.
Since Wednesday morning’s very much stronger than expected U.S. ADP February Employment report there has been a battle in the U.S. equities between that and some key less than bullish factors. Even prior to that release there was Tuesday morning’s Organization for Economic Cooperation and Development major semiannual Interim Economic Outlook. It seemed less upbeat than their recent monthly Composite Leading Indicators might have suggested.
The dollar hit a three-week high against the yen on Thursday, on course for a fourth straight day of gains after a strong ADP job number in the previous session broke 10-year U.S. government bond yields out of a long-held range.
World shares chalked up their longest losing streak in well over a year on Thursday as bets on rising U.S. interest rates propelled the dollar and benchmark bond yields higher and beaten-up commodity markets struggled to find a footing.