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Wall Street Goes Higher: S&P 500 moves away from bearish territory


Volatility has marked the day in Wall street (Dow Jones + 0.19%; S&P 500 +0.30; Nasdaq + 0.37%). The main New York indices have finally opted for the rises and the S&P 500 has moved away from the bearish territory before the alerts of the Fed and despite a bad unemployment data. The technology companies have managed to raise their head along with the push of the country's brick, with 200,000 new-build homes more sold than expected in the month of August.

The Chairman of the Federal Reserve, Jerome Powell, reiterated this Wednesday that the Government must take a step forward and launch a new round of stimulus on the economy. The divorce between Republicans and Democrats has delayed this new package of measures since July.

"We've come far pretty fast, and that's great, but there's still a long way to go and the recovery depends on the support of Congress and the Fed ", Powell said during his most recent appearance.

"The rotation between technological and cyclical stocks is picking up at cruising speed in September," say the experts at National Securities. "This is historically a difficult month and, this year, it has been marked especially by headwinds," he adds.

"Investors are being hit by conflicting headlines about the coronavirus and the growth vs. cyclical debate," say analysts at Vital Knowledge. "The result is that sentiment is deteriorating, which explains the sales we are seeing," they conclude.

In political matters, Trump is back in the news after dropping that, if he loses the elections, will take Biden before the Supreme Court to invalidate the result. On the economic front, weekly jobless claims have increased by 4,000 to 870,000 in the week of September 19, 20,000 more than expected.

On the other side of the Atlantic, the Ibex turns and returns to the green supported by the banks and Telefónica. Finally, in Asia the stock markets have closed in the red between the correction of Asian technology and the growing tensions in Korea.

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