US stocks were up over the course of Monday (March 4th) as positive momentum was witnessed within the market.
Randy Bateman, chief investment officer of Huntington Asset Management in Columbus, Ohio, told Reuters that the "only game in town" for those seeking yield is stocks.
"A pullback could happen at any time, but there are also so many people re-entering the market on dips that I wouldn't be surprised to see a new high on the Dow sometime this month," he said.
The Dow Jones industrial average .DJI rose 30.28 points or 0.21 per cent yesterday to close at 14,119.94, while the S&P 500 .SPX gained 5.24 points, or 0.35 per cent, to finish the day at 1,523.44. The Nasdaq Composite .IXIC added 8.5 points, or 0.27 per cent, to 3,178.24, to round off a good day for the markets.
David Song, currency analyst at DailyFX in New York, suggested political instability in the euro area – particularly in Italy – may continue to drag on the exchange rate in the coming weeks.
The results are a turnaround from US futures yesterday, when the Dow was down 17 points and the Nasdaq by 12.75 points.
Find out about commodities trading and learn CFD strategies at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.