Spreadex Market Update

Dow Jones rallies to a 7-day peak at start of final full week of May



The Dow Jones started Monday on the front foot, ensuring that a 35,000 close to the week remains a possibility.

Climbing half a percent, or 175 points, the Dow Jones opened a touch below 34,400. And while for many indices, a 600 point-plus gap would be intimidating, the Dow can do that with its eyes closed.

What could stand in the Dow’s way, however, is a lack of pick me ups. The economic calendar is pretty sparse when it comes to the real good stuff, with Thursday’s 2nd look at the Q1 GDP reading, and the day’s usual jobless claims, the only standout sources of potential goodwill.

And even then, those numbers are followed on Friday by the Fed-favourite core PCE price index data, which is set to rise from 0.4% to 0.6% month-on-month.

Yet for now the relative quiet hasn’t hurt the Dow, which is trading at its best price for a week.

The FTSE, on the other hand, struggled to keep pace as Monday went on.

Initially the index’s mining stocks had held up well, despite China’s commodity price warnings. Now, however, all bar Glencore are notably in the red, with BHP Group and Antofagasta falling more than 1% apiece.

That’s kept the FTSE’s own gains at just 10 or so points, even with the pound slipping 0.3% against the euro.

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