- The Dow booked its fourth gain in a row, rising 38.05 points.
- Nasdaq Composite Index dropped 15.64 points, or 0.2%, to 8,087.44.
- S&P 500 index dropped less than a point, or 0.01%, to 2,978.43.
US stocks ended mixed on Monday, with the benchmarks trading in a chop. The Dow booked its fourth gain in a row, rising 38.05 points, or 0.1%, to 26,835.51 while, by contrast, the S&P 500 index dropped less than a point, or 0.01%, to 2,978.43 while the Nasdaq Composite Index dropped 15.64 points, or 0.2%, to 8,087.44.
Meanwhile, the moves were slight as investors get set for the central banks and stimulus packages. We have the European Central Bank and the Federal Reserve monetary this month whereby both central banks expected to be on the dovish side.
Brexit, Brexit…Brexit
On Monday, lawmakers agreed on passing the bill preventing a no-deal Brexit on October 31 (requiring the Prime Minister to seek a three-month extension) into law.
However, as analysts at ANZ Bank explained, PM Johnson has indicated he’ll do everything he can to avoid a delay:
“Johnson met Irish Taoiseach, Leo Varadkar, in Dublin for talks on trying to break the deadlock over the Irish backstop arrangement. Ireland’s Varadkar wants a deal but says the backstop is essential to maintaining peace and prosperity in Ireland. Despite the recent law change, Johnson says the UK will leave the EU on October 31 without a deal if necessary. Both are willing to work together to find a compromise and are aiming for a deal at the EU Summit on Oct 31. GBP pushed higher as expectations of a no-deal Brexit continued to fade, but news that House of Commons Speaker John Bercow (who is known for giving the floor to those who oppose a no-deal Brexit) plans to step down by October 31 saw gains unwind.”
DJIA levels
The DJIA has inched higher above the 26500s and hit the 26900s target which guards the 27200s, and specifically, 27398 level. On the flip side, the 200-DMA is located at 25651. Deeper, the 21-monthly moving average is located at 25232 ahead of the May and Jun lows in the 24700s as a double-bottom target.
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