(CercleFinance.com) – Wall Street is attempting a timid recovery this Friday, supported in particular by the announcement of consumer morale that is less good than expected which could dissuade the Fed from resuming its rate hikes.
Around 11:00 a.m. (New York time), the Dow Jones advanced 0.1% to 33,925.8 points, while the Nasdaq Composite rose 0.4% to 13,574.8 points.
Investors learned in the morning that the University of Michigan confidence index had deteriorated again in November, contrary to economists’ expectations.
This statistic supports the theory that the US economy is no longer strong enough for the Fed to feel it can safely embark on further rate hikes.
Friday’s gains come at the end of a volatile week for New York markets, which were torn between the decline in oil prices and sometimes contradictory statements from members of the Fed.
But many managers realized this week that ultimately, the American central bank could be a little more rigorous in its behavior.
Which explains why over the week, the Dow is currently losing 0.3% while the Nasdaq is posting a weekly gain of 0.7%.
Treasury yields and the dollar fall in reaction to the Michigan confidence index, the ten-year paper stabilizing in the 4.60% zone while the euro rises towards 1.0670 against the note Green.
The rise on Wall Street is also supported by the rebound in oil prices, which benefit energy stocks after their slump over the past month.
American light crude (West Texas Intermediate, WTI) is currently advancing 1.4% to $76.8, but is heading for a third consecutive week of decline.
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