After prompt pique on Monday and finding of new levels of support, on Wednesday, on 29-th of November, the American stock market reached the key purposes of correction by two ascending
spurts.
So as experts believe the main catalyst of growth of the key indexes, which gave the market the bull spirit, for some nearest days were data about GDP growth in the USA in the third quarter.
So, the refined value of GDP index in the USA for the third quarter made +2.2 % for a year, at the forecast of +1.8 % for a year, and preliminary value of +1.6 % for a year.
As a result core PCE was up 2.2 %, price PCE index grew +2.4 %, and consumer charges in the third quarter were up 2.9 %. Final sales in the third quarter were revised to +2.1 % from +1.7 %, and data on net export – to -0.21 from -0.58. And data on the real available income in the second quarter were revised from +1.7 % up to-1.5 %.
As a result, Analyzing data of the report, economists notice that the economy grew in the third quarter at higher rates than it was expected, though more slowly than in the second quarter, and much more slowly than in the first.
However thus, higher level of inventories and lower consumption assume that growth in the fourth quarter will be rather weaker.
As a whole, the majority of analysts consider that the report was strong, except for data on consumption. Data convinced investors that delays of economy will happen in a soft variant and danger of sliding to recession is minimal.
Yesterday negative was only a report on new houses in October. The new houses sold the last month reduced 3,2 % up to 1,004 million in annual expression.
Besides data of the last month also were revised downwardly. As a whole sales of new houses dipped 25,4 % for the expired year, and this is one of the greatest decrease in the market of the real estate in history of the USA. At present rate of sales it takes seven months for realization of all 558 thousand new houses on sale.
On a corporate field it is necessary to note growth of the companies of oil sector. So, on a background of rising oil prices papers of the oil-producing companies grew actively. As a result Exxon Mobil, Chevron, Valero Energy and Suncor were up 2,5 % for a day, 4,9 % from the beginning of week, 1,7 % for a day, and 3,2 % from the beginning of week, 3,3 % for a day, and 4,9 % from the beginning of week and 2,9 % for a day, and 3,9 % from the beginning of week accordingly.
Let's remind that January oil futures on New York commodity exchange added $1,47, having closed at a mark $62,46 a barrel.
After increase of recommendations on a number of the companies, the pharmaceutical sector started to grow. So, quotations of companies Merck, AstraZeneca, Sanofi-Aventis and Genentech raised 2 %, 2,9 %, 2,5 % and 1,6 % accordingly.
And after the message on successful tests of a vaccine from a hepatitis B shares of biotechnological company Dynavax Technologies were champions, having hiked 32 %.
After the publication of the best the quarter balance than it was expected, which was issued yesterday before opening of the basic trading session, papers of a network of jeweler’s Tiffany jumped 6,4 %.
Economists believe that after news about a good level of sales in the beginning of Christmas season, in the near future Tiffany quotations will continue growth.
As a result S&P 500 index, added 12,76 points and practically came back to a level of Friday closing, was the most successful that once again testifies to prevalence of the bull moods among participants of the market.
Dow-Jones grew 90,28 points yesterday while Nasdaq Composite added almost 20 points.
We recommend, being outside the market, to wait for the second wave of correction, and a greater deepening of key indexes. Only after that there is probable a purchase of futures for Dow-Jones and S&P 500 indexes.
