Report prepared by Chris Blake, CFA
Posted with permission TD Wealth
After six consecutive days of trading down and losing a total of 10.7% off the Dow Jones Industrial Average (Dow), 11.2% off the S&P 500 Index (S&P 500), and 8.6% off the S&P/TSX Composite Index (S&P/TSX), markets were firmly in the green at the close of trading today with the Dow gaining 4.0%, the S&P 500 up 3.9% and the S&P/TSX up 1.8%.
Bargain hunters came out today after stocks fell considerably less in China overnight and durable goods orders in the U.S. came in at +2.0% against expectations of -0.4%, while the June data was revised up from 3.4% to 4.1%. This indication of economic strength came at the same time as New York Federal Reserve President William Dudley said in a press conference on the regional economy that the case for a fed rate increase in September has diminished in light of recent events, although he did say that the U.S. economy is performing quite well.
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