Dow Nears 35,000 Even as U.S. Retail Sales Disappoint
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- Retail sales numbers don’t hold Wall Street back
- Bank earnings give investors hope
- 35,000 a big obstacle to overcome for the Dow
Stock markets turned positive on Tuesday after falling earlier, with US retail sales data initially weighing slightly.
The numbers were much weaker than expected for June but then the May figures were revised up so it wasn’t all bad. I’m not convinced today’s data really changes things as far as the consumer or economy is concerned, all things considered, nor has it really changed anything on interest rate expectations, with markets almost fully pricing in a hike next week and probably no more after that.
Wall Street was also buoyed by Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) results which gave investors some further cause for optimism early in earnings season. Of course, this is just one hurdle cleared but investors will be hoping it’s a sign of things to come.
35,000 the next big obstacle for the Dow
Dow Jones Industrial Average Daily
US30 Daily Chart
Source – OANDA on Trading View
The US30 has rallied almost 1% today, but it quickly ran into resistance around 35,000. This level has previously been a key area of support and resistance, most recently in December, and it’s proving to be the case again.
A break above here would be significant as the US30 hasn’t traded above here since April last year when it peaked around 35,500. This would be the next notable resistance level if it can overcome 35,000.
