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S&P 500 rises for the fourth consecutive day

FXStreet (Mumbai) - The US Equity markets rose for the fourth consecutive days on the back of strong corporate earnings and expectations of stimulus from the European Central Bank (ECB).

The S&P 500 is trading 0.93% higher at 1921.70, up more than 5.4% from the last week’s low of 1820.00. Moreover, the index is trading above its 200 day moving average level of 1906.86. The index is being driven higher by stocks like Waters Corporation, Harley –Davidson and South-west airlines, which are trading higher by more than 5% each. Meanwhile, the Coca Cola share price is trading 5.46% lower after the company reported a fall in its profits.

Given that the broad based risk aversion of last week has been halted, investors can now focus on the earnings report in the US. Broadcom Corp. and Yahoo! Inc. are among the S&P 500 companies reporting their earnings today. In the meantime, a report on Existing home sales is also due today, which is likely to show purchases increased 1% in September.

S&P 500 Technical levels

The index has a strong support of the 200-day moving average level of 1906.86. On the higher side, the index has an immediate resistance of 1925.20, above which the index can extend its rally to 1940 levels.

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