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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 337587, member: 104606"] [B][SIZE=5]Nvidia's Successes Helps S&P 500 Price Reach Its All-time High[/SIZE][/B] [img]https://i.imgur.com/XbeLv4B.jpeg[/img] Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months. Reasons for Extremely Bullish Sentiment: → Nvidia's report, which showed impressive earnings and prospects (the company forecasts roughly threefold revenue growth in the first quarter of 2024 amid strong demand for its AI chips). Nvidia's capitalization grew by USD 277 billion in one day — a historical record for the US stock market. → Positive news background for yesterday: the US Flash Manufacturing PMI index was actually = 51.5, expected = 50.5, a month ago = 50.7. Signals from the labor market were also positive - the weekly number of applications for unemployment benefits turned out to be = 201k (expected = 217k). Technical analysis of the S&P 500 chart shows that the price continues to move within the ascending channel, which has been in effect since the beginning of 2024 (shown in blue). [img]https://i.imgur.com/ow8jlRj.png[/img] [B][URL="https://fxopen.com/blog/en/oa-nvidias-successes-helps-s-p-500-price-reach-its-all-time-high/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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