Market Update for Mar 2, 2020

In today's update:

1) U.S. Equity markets rally hard as Traders and investors hope for the Federal Reserve to announce a rate cut. The Dow Jones Industrial Average gained 1293.96 or 5.09%, the S&P 500 added 136.01 or 4.60% while the NASDAQ 100 closed higher by 384.80 or 4.49% and the Russell 2000 finished higher by 42.07 or 2.85%.

2) Crude Oil Futures spiked $1.99 or 4.45% while Gold Futures advanced $28.00 or 1.8% on more weakness in the U.S. dollar. The Bond market dropped back Monday after hitting a new high while the yield on the 10-Year Treasury Note settled at 1.15%.

3) Federal Reserve chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin will lead a G7 emergency call on the coronavirus Tuesday morning. Representatives of the group of seven industrial nations will join the call in an effort to form a financial and economic response to the virus.

About the author

Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team

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