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US stocks end second session with gains led by energy sector

FXStreet (Córdoba) - Wall Street closed higher for a second day in a row, with the Dow Jones Industrial Average up by 89 points, or 0.5%, and ending the day at 17,918.15. The S&P closed uo 0.27% at 2,109.78, barely 1% away from its all-time high, whilst the Nasdaq advanced 0.35%.

The energy sector led the way higher, closing up more than 2.6% as crude oil futures surged almost 4.0% on news of supply disruptions in Libya and Brazil. Additionally, US treasuries eased, whilst yields advanced to 2.22%, as investors recovered their confidence in the near-term future, and continue to drop safe-havens for the good of higher yielding assets.

DJIA technical view

“The DJIA daily chart shows that the index has set a lower low and a lower high far above its moving averages, whilst the technical indicators have recovered their bullish slopes and head north in overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator maintains its upward strength, but the RSI indicator is retreating some from overbought levels, supporting at least some consolidation ahead of a new leg north”.

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Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar ends the day with gains against its American rival, with the pair however, far from its daily high of 0.7218 achieved during the past Asian session after the RBA meeting outcome.
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Analysts at ING noted that the Manufacturing ISM again highlighted the headwinds faced by the sector, but with service sector growth remaining firm and construction booming we are optimistic for 4Q GDP growth.
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