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U.S. indexes in calm trading, investors assess TTP

News Date: 6/10/2015 14:32:09
 

U.S. major indexes steadied on Tuesday, with little change, as traders take notice of the TTP (Trans-Pacific Partnership) deal announced earlier between the U.S. and 11 other nations to reduce or eliminate tariffs between the countries, the deal will shake industries to its core from auto to drugs and cheese, but it remains to be seen how the deal will affect U.S. trade balance.

 

The deal faces doubts in Congress from Democrats and Republicans alike, Congress can approve or vote down the deal but it can't amend it.

 

The Dow Jones index fell 92 points before recouping most of the losses; it was last trading at 16,744 with little change from yesterday's close price.

 

The S&P 500 fell 122 points to 1,973 before recovering to 1,980, down 50 points from its closing price yesterday, the Nasdaq100 fell 30 points to 4,293, before powering up to 4,310.

 

All three indexes were thrown into correction six weeks ago, an index is considered to be in a correction if it fell more than 10% from its last all time high. They then recovered some of their hefty losses.

 

U.S. indexes remain in a relatively wide technical range, trading sideways in the past month, with a resistance range soon to be tested if the indexes remained bullish in the weeks ahead.

 

Congress avoided shutting the government last week when it approved the budget, therefore sparing markets the turmoil they were put through in the past when the government was shut down, the budget fight is going up again in December, with investors on their nerves expecting a more testing fight, specially that Congress speaker, John Boenher, announced he'll  retire at the end of October, Boenher was considered a relatively conciliatory speaker, the coming speaker –no matter who he'll be- is expected to mount a more serious threat to budget negotiations, and another shutdown isn't off the agenda.

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