- S&P 500 index put on around 8 points, or 0.3%, near 2,998.
- DJIA, closed with a gain of around 26 points, or 0.1%, near 27,028
- Nasdaq Composite index closed around 8,157, up 33 points, or 0.4%
US benchmarks on Wall Street climbed on Thursday, despite the risks of a Brexit deal not passing through UK Parliament – (The new Brexit preliminary deal must still be approved by the U.K. parliament in a vote to take place on Saturday).
However, third-quarter U.S. earnings reports offered support. Subsequently, the Dow Jones Industrial Average, DJIA, closed with a gain of around 26 points, or 0.1%, near 27,028. The S&P 500 index put on around 8 points, or 0.3%, near 2,998 and the Nasdaq Composite index closed around 8,157, up 33 points, or 0.4%.
Brexit deal?
The path towards agreeing on a Withdrawal Agreement 2.0 ws set in stone on Thursday with the UK and EU reaching an agreement to replace the Irish backstop arrangement.
“The deal means that Northern Ireland will be part of the UK customs union, and will benefit from any UK trade deals. Northern Ireland will be subject to EU tariffs for imports from third-party countries that can be re-exported to the EU, and tariffs and checks will be conducted by the British government,” analysts at ANZ Bank (ANZ) explained.
“The key focus for Brexit now is Saturday’s emergency session in parliament where there will be a meaningful vote on the Johnson deal. But the PM is in a weak position. He needs 320 votes but there are only 287 Conservative MPs. The key Northern Ireland party (DUP), which Johnson needs, said it won’t vote for the deal. Some opposition MPs may well support the deal, but the vote will be close” – ANZ.
DJIA levels
DJIA is basing in the low 27000s, consolidating while bulls weigh prospects of an advance towards the key 27500s targets on a break of the 27200s. Trend-line resistance guards the July highs. On the downside, bears look for a close below the trendline support guarding a run to the 200-DMA down in the 26000s.
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