The Dow Jones Industrial Average (DJIA) advances for the second day in a row as higher-than-expected US Jobless Claims figures endorse the view of three interest rate cuts in 2024, starting in June.
Dow Jones maintains a moderate bullish tone on Thursday, favoured by soft US Jobless Claims data. Hopes of Fed rate cuts are buoying all sectors with tech firms leading gains. The index is still far from the historic highs seen in March, investors remain cautious ahead of Friday’s NFP report. The Dow Jones Industrial Average advances for the second day in a row as higher-than-expected US Jobless Claims figures endorse the view of three interest rate cuts in 2024, starting in June.
Dow Jones technical outlook The technical picture has improved somewhat, as the improving market sentiment triggered by soft US data is contributing to a moderate recovery after the downside correction seen earlier this week. The near-term bias remains neutral with upside attempts limited below the 39,457 level. The Index might need additional support from soft NFP data to revisit the 40,000 resistance area.
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