NASDAQ Hits 4K but Fades; Dow Close at All-time High
US stocks continued their rapid rise, notching up a new all-time high on the open on the heels of an agreement between Iran and the permanent member of the U.N. Security council. The deal helped the Nikkei notch up a 1.5% gain which sparked a globally rally. Late in the session stocks faded with but the Dow was able to close in the black notching up a new all-time high.
The deal between the five permanent members of the Security Council and Iran include some relief to the country, whose economy has taken a hit due to the sanctions. The interim deal included roughly $6.5 billion in sanctions relief; including allowing the country to access approximately $4.2 billion in oil revenue that has been frozen in foreign banks.
The news of the deal with Iran helped Asian equity bourses gain traction. The Nikkei soared more than 1.5% on the news and European bourses followed. The S&P bolted out of the gates notching up a new all-time high on the open. Yields in the US moved lower, remaining below 2.81% which has been the high level for the current move.
In corporate news, BlackBerry (NASDAQ:BBRY) Limited announced that as part of the on-going reorganization of BlackBerry, Kristian Tear, the company’s Chief Operating Officer, and Frank Boulben, the company’s Chief Marketing Officer, will leave the company. BlackBerry also announced that James Yersh will replace Brian Bidulka as its Chief Financial Officer.
The Dow Industrial average continued to move higher notching up a new-all time high on average volume. Momentum remains strong with the MACD printing in positive territory with an upward sloping trajectory. The RSI is printing near 69 which is on the upper end of the neutral range and close to the overbought trigger level of 70.
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