S&P & Nasdaq extend gains on Facebook earnings report, dovish Fed stance

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S&P & Nasdaq extend gains on Facebook earnings report, dovish Fed stance

On Thursday, the 31st of January, 2019, the Standard & Poor 500 and Nasdaq Composite had been found extending their rallies on midday US trading sessions, as a healthy earning from Facebook added sheer optimism on dovish Fed remarks, while investors had been widely expecting an upbeat tariff talk outcome despite daedal distress over the IP transfer rights and independence of US firms on Chinese soil.

While this report was being prepared, January the 31st, GMT. 22.00, the S&P 500 and Nasdaq composite had been surging, while Dow Jones Industrial Average remained nearly flatlined with a 0.09 percent loss so far. The S&P 500 gained 0.70 percent to 2,699.80, an inch shy of resurfacing over 2,700 regions, and the Nasdaq Composite was 1.13 percent up to 7,264.51, reigning confidently over its technical obstacle at 7,100, while the telecoms, utilities and healthcare services had been the most riant throughout the day, posting 1.55, 1.32 & 1.05 percent gains so far.

The upsurge of Wall St. had mostly been triggered by the jump of Facebook, which had been 12.2 percent up during the preparation of this report, well on-route to post its best intra-day gain since January, 2016, after its quarterly profit had been found surpassing analysts’ estimates, indicating that the online advertisers are still willing to spend on it despite several upcoming bans and restrictions from EU nations, ahead of multiple Eurozone elections.

More critically, addressing to the dovish Fed remarks largely triggering the upswing, managing director at Titus Wealth Management, California, Scot Lance said, “There were positive earnings from key companies but mostly it’s a follow through from yesterday’s rally. ”