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US equity indices rise above closing highs

FXStreet (Mumbai) - The US Equity indices hit record high levels as an unexpected expansion of stimulus program from the Bank of Japan spurred a “risk-on” buying the financial markets across the globe.

The Standard & Poor’s 500 Index advanced 0.85% to 2011.60, topping its all-time high from Sept. 18. The DJIA advanced 0.84% to 17,340 levels. Surpassing a record high hit on Sept. 19. Moreover, the latest rally begun after Fed Bank of St. Louis President James Bullard said on Oct. 16 that policy makers should consider delaying the end of quantitative easing. The rally was extended further on better-than-expected earnings and optimism about the US economy.

The DJIA index breadth is positive with an advance decline ratio of 27:3. Among the top gainers are shares of Intel, Visa, Merck&Co, Walt Disney. On the other hand, The shares of Chevron, IBM and McDonald’s are trading in the red.

DJIA Technical levels

The index is trading near an immediate resistance located at 17,350 levels, above which the prices may re-test 17,374 levels (daily high). On the flip side, support is seen at 17,223 and 17,145 levels.

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